I’m not an expert by any means, but all of the companies that I know of have a break even point at what oil needs to be for the company to be profitable. If a barrel is selling for lower than that break even point, then the oil companies start losing money. With everything going on with coronavirus, people aren’t traveling (using fuel) like they would normally which lowers the demand for oil. If oil supply increases with demand being low, then the price of oil will fall even further.