Crude oil prices have plummeted since the start of the year, dropping 65% between January and April. Brent crude oil prices averaged $23/bbl in April, a multi-decade low. Demand for oil has collapsed as a result of shutdowns resulting from the coronavirus pandemic (COVID-19), which has sharply reduced transportation. The decline in prices was exacerbated by the breakdown of OPEC+ talks in early March, and a new production agreement announced on April 12 failed to boost prices. (Source: Worldbank)