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April 28, 2020

Oil industry in crisis due to effects of Covid-19

By Agne Suipyte

On 28 April, global benchmark Brent Crude was priced at $19 a barrel, down from $70 at the start of the year.

This price is the lowest in almost two decades and comes as a result of a significant decrease in demand due to the pandemic.

UK-based multinational company BP announced first-quarter net income of $800m. This is only a fraction of the 2019 first-quarter figure, which stood at $2.4bn.

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