"... yesterday oil traders who owned oil derivatives realized that if they continued to hold these derivatives, they (the traders) would have to actually take delivery on the physical oil they owned."
"West Texas Intermediate crude for May delivery fell more than 100% to settle at negative $37.63 per barrel, meaning producers would pay traders to take the oil off their hands."
"Under this transformational and ambitious scenario, fossil fuel use would plummet. Coal consumption would drop by roughly 60%, oil consumption by 30%, and the role of natural gas in the energy mix would remain stagnant."
In a world working towards reducing its dependence on fossil fuels, what will happen to countries that depend on oil wealth when demand begins to dwindle? Countries can no longer assume their oil and gas resources will translate into reliable wealth — instead, it is how you manage what you have now that counts.