Posts Tagged ‘OPEC’
“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down
Back in the late fall of 2014, when Saudi Arabia broke up OPEC for the first time and unleashed a torrent of crude oil on the world despite the protests of its fellow cartel members, oil prices crashed as a result of what then seemed to be a “calculated” move by Riyadh which hoped to…
Read MoreCoronavirus Triggers “Biggest Shock” To Oil Markets Since Lehman Crisis
Update: The Telegraph’s Ambrose Evans-Pritchard warned that the collapse in Chinese oil consumption is “the biggest shock to oil markets since the Lehman crisis.” Evans-Pritchard said the plunge in consumption could be between three to four million barrels per day, adding that this amount is twice UK’s North Sea oil output. We noted earlier (see below), OPEC+ couldn’t come to…
Read MoreOil Prices Jump as the US, Iran Trade Blows
Experts believe that the market will self-correct as it did on multiple occasions in 2019 despite Mideast tensions US President Donald Trump’s decision to assassinate Quds Force commander Qasem Soleimani has sent shockwaves not only throughout the Middle East but also across global markets.The price of international benchmark Brent crude topped $70 per barrel on Monday, a…
Read More