During 2020, from as early as February and March, petroleum prices accelerated their decline in reaction to the COVID-19 pandemic coupled with an expected sharp drop in demand for oil. 

    In addition, major oil producers failed to come to an agreement on production cuts, exacerbating the problem and by mid-March 2020, the price of US crude oil was fluctuating around $19 per barrel. OPEC members and non-OPEC oil producing countries who participated in the Declaration of Cooperation agreed to fully implement the agreements reached at the 9th and 10th (Extraordinary) OPEC and NON-OPEC Ministerial Meetings held on April 9th and 12th, 2020 respectively. These agreements became effective as of 1st May, 2020.