Interviewed by Zara Zamani on Sweden’s leading Blockchain Show, ChainTalk.
On Monday the price for WTI Crude Oil collapsed below zero for the first time in history. Oil producers were paying buyers to take crude off their hands as storage capacity were full and economies are currently at a standstill due to COVID-19.
The commodity sell-off continued on Tuesday into U.S. crude futures for June delivery raising concerns that those contracts could also go negative. Collapsing oil prices may be a warning sign of what’s yet to come for the economy.
Alastair Caithness, Ziyen Energy CEO stated,
“The collapse of oil is telling the story that some of the worst effects of coronavirus on the economy are yet to come. OPEC announced a production cut of 9.7 million barrels a day to help prop up prices. But those cuts won’t start until May and analysts are pointing out that this may be not enough to offset the collapse in demand.
Adoption of the blockchain not only in Oil & Gas but also in Renewable Energy will now be fast tracked due to this crisis across the energy industry.”