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“I think we’re closer to an equilibrium price for WTI between $15 and $20. That reflects all of the known knowns - the demand destruction that has led to storage filling up and pending supply cuts,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney.

Yet zero is not, as economists put it, the equilibrium price to see a live performance by Jay Leno.

Changing levels of supply and demand explain why the price of a commodity goes up or down, but does not explain why the equilibrium price of that commodity is what it is.

He said oil producers should “let the market forces continue to seek and find that equilibrium price between supply and demand.”

Venezuela’s oil minister Eulogio del Pino said these could include introducing an “equilibrium price” of $88 a barrel to guarantee investments in the coming years, similar to OPEC’s attempts in the 1980s to control prices within a certain agreed-upon range.