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. bold emphasis is mine.
Saudi Arabia demanded that Russia share in a proposed reduction of a further 1.5 million barrels a day, insisting that OPEC wouldn’t reduce supply without the support of non-members. Russia demurred. Maybe Vladimir Putin just didn't like being told what to do by a 34-year-old prince who's run his country for about as many months and his older brother who's been energy minister for just half a year.
Saudi Arabia slashed its official selling price (OSP) for April for all its crude grades to all destinations, after OPEC’s oil supply cut pact with Russia fell apart on Friday, sending oil into a tailspin.
Spending cuts and production declines common to shale wells mean U.S. output growth is expected to brake from 2019’s pace that pushed domestic production past 13 million barrels per day (bpd). Some analyst forecasts for next year call for growth to slow, potentially to a rate of just 100,000 new bpd.
Fossil fuels primarily include coal, natural gas, and crude oil. Among these, natural gas and crude oil account for roughly 80% of the energy production from fossil fuels. It’s not surprising that oil and gas companies primarily dominate the US energy sector.
originally posted by: burdman30ott6
a reply to: cenpuppie
Crude is down almost 25% without most major markets even open yet. Monday may well see an honest to God global market crash at this point. Effing idiots one and all. This is why we can't have nice things.
whats the threshold for most nations to sell oil at per barrel?
Oil futures tumbled 31% in a matter of seconds overnight on Sunday, their sharpest decline since the Gulf War in 1991. The losses are being fueled by sinking demand due to coronavirus concerns, which has in turn sparked a series of price cuts. Saudi Arabia slashed its prices by the most in at least 20 years over the weekend. A price-cut free-for-all has broken out globally following the collapse of an OPEC+ alliance last week. Futures on the Dow Jones Industrial Average sank more than 900 points, while S&P 500 futures were hit with a 4% drop at open on Monday. Goldman Sachs analysts have warned that the price of oil could tumble even further, to $20 a barrel.
originally posted by: CriticalStinker
a reply to: Lumenari
With the timing, it could hurt everyone.
But between supply chain disruptions at the same time as a threatened petro dollar... I just hope to God this isn't a black swan event.