Where is the bottom of oil price? This uncertainty could be for months to years.

From Wikipedia

Dominic Greene:

Since 1945, 17% of the planet's vegetated surface has been irreversibly degraded. The Tierra Project is just one small part of a global network of Eco Parks that Greene Planet has created to rejuvenate a world on the verge of collapse.

The crude oil price has plunged as Coronavirus outbreak halted numerous businesses which consume the oils, and OPEC+ failed to agree on cutting oil production last month. Although the latest headline brought some hope as Saudi Arabia and Russia are expected to reach deal, there is still a room that the price is going down further until business is back to normal.

WTI Crude oil price
The lowest roughly in two decades.

According to World Oil: Trump may rent Strategic Petroleum Reserve storage to U.S. drillers,
The U.S. reserve, which was set up after the Arab oil embargo in the 1970s, has a maximum storage capacity of about 713.5 million barrels in salt caverns across the U.S. Gulf Coast. It now contains about 635 million barrels. The string of coastal salt caverns in Louisiana and Texas that comprise the reserve were designed for long-term storage and are not geologically suited for quick withdrawal of crude. For that reason, some industry observes have criticized the idea as ill-advised.

The considerations to make space in the reserve available come after congressional Democrats blocked a request by the administration to appropriate $3 billion in funds to buy as much as 77 million barrels of oil for its emergency stockpile in an effort by President Donald Trump to support the domestic industry and boost reserves at cheap prices.

It says almost 90% of storage capacity for the oil reserve is already filled up, which means the rest of capacity, only 10% can be available for the further reserve. Whoever US or US drillers will purchase the oil for strategic reserve, it cannot be kept without storage space. It is not clear that the oil companies can slash their output quickly. When the oil could go nowhere but consumption, the price would be down further.

Euro area's composite PMI
Hardly seen it less than 30...

According to the Coronavirus projection of United States as of 3-Apr-2020, it suggests number of new death cases can reach at the peak around middle of this April and the number will be zero near the beginning of August. It sounds some sense of relief during such gloomy days under lockdown. But there is another risk ahead as second wave of the virus can devastate again as China is facing.

The latest PMI, GDP forecast or any statistics indicate the worst outlook which is comparable with the last financial crisis in 2008 or even the great depression in 1929.

CITY A.M.: Coronavirus: Eurozone economy suffers record hit in March
The Eurozone economy suffered the biggest blow on record in March, survey data has shown, as coronavirus containment efforts all but stopped activity.

The IHS Markit purchasing managers’ index (PMI) – a closely watched gauge of the health of the euro area economy – crashed to 29.7 in March from 51.6 in February. A score below 50 indicates contraction.

It is still unclear if the current draconian measures enforced in leading countries of global economy are lifted soon. Actually, it is unlikely as risk of the second wave does not allow them to do so. The lockdown will continue, and people's activities will be strictly limited for months to years. Who wants to burn a lot of oil those time?

What can rejuvenate a world on the verge of collapse?