Oil prices fell by 30% in the global market
After Saudi Arabia plans to cut prices and increase crude oil production in April, oil prices in the global market have dropped by 30 percent, which will hurt the record for US oil.
Foreign news agency Reuters reports Russia's proposal to cut production of the Organization for Petroleum Exporting Countries (OPEC) to stabilize markets worried over the spread of the Corona virus globally Saudi Arabia launches war on price.
Saudi Arabia reduced the cost of selling all grades of crude oil at $ 6 to $ 8 a barrel in April last week.
Foreign news agency Reuters reports Russia's proposal to cut production of the Organization for Petroleum Exporting Countries (OPEC) to stabilize markets worried over the spread of the Corona virus globally Saudi Arabia launches war on price.
Saudi Arabia reduced the cost of selling all grades of crude oil at $ 6 to $ 8 a barrel in April last week.
Sources told Reuters that Saudi Arabia also plans to cut its crude oil output to 100 million barrels a day in April after the end of March for a ceasefire agreement.
The world's largest oil exporter, Saudi Arabia, has tried to punish Russia, the second largest oil producer, for not supporting OPEC's offer to cut production last week.Saudi Arabia, Russia and other major oil producing countries have previously fought for their share in the market in 2014 and 2016.
ING Economics said in a note that 'this is clearly a price war and Saudi Arabia has taken the initiative to respond this weekend'.Brent Crude Futures fell 29% ($ 13.29) to $ 31.98 a barrel, which was $ 31.02 a barrel today, the lowest since February 12, 2016.
Brent futures are still steadily on the path to global oil prices falling in the Gulf War on January 17, 1991.US West Texas Intermediate (WTI) crude dropped $ 13.29 (32 percent) to $ 27.99 a barrel, while it touched a high of $ 27.34 today, and the lowest level since February 22, 2016. Is.
The US benchmark has also been at the lowest level since January 1991.'I think all the forecasts have come out, it seems like a race to the bottom to get an order,' said Jonathan Bratt, chief investment officer at Australia's probes securities.
The world's largest oil exporter, Saudi Arabia, has tried to punish Russia, the second largest oil producer, for not supporting OPEC's offer to cut production last week.Saudi Arabia, Russia and other major oil producing countries have previously fought for their share in the market in 2014 and 2016.
ING Economics said in a note that 'this is clearly a price war and Saudi Arabia has taken the initiative to respond this weekend'.Brent Crude Futures fell 29% ($ 13.29) to $ 31.98 a barrel, which was $ 31.02 a barrel today, the lowest since February 12, 2016.
Brent futures are still steadily on the path to global oil prices falling in the Gulf War on January 17, 1991.US West Texas Intermediate (WTI) crude dropped $ 13.29 (32 percent) to $ 27.99 a barrel, while it touched a high of $ 27.34 today, and the lowest level since February 22, 2016. Is.
The US benchmark has also been at the lowest level since January 1991.'I think all the forecasts have come out, it seems like a race to the bottom to get an order,' said Jonathan Bratt, chief investment officer at Australia's probes securities.
Infected with the virus
Meanwhile, measures to curb the spread of China's Corona virus epidemic have impacted the world's second largest economy and reduced shipments for the largest oil importer.
The outbreak of the virus has raised concerns over the growing number of cases in other major economies, such as Italy and South Korea and the United States, that demand for oil will decline this year.
Big banks like Morgan Stanley and Goldman Sachs have reduced their demand forecasts, where Morgan Stanley has reduced demand in China to zero and Goldman has reduced global demand to 100,000 lacs bpd. ۔
Dollar costs in other markets have dropped lower than the Japanese yen and the Asian stock markets are facing the biggest decline, with gold prices reaching the highest levels since 2013 as investors are now on the safe track. Are gone
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