Saudi Arabia, Russia and other major producers last battled for market share in 2014 in a bid to put a squeeze on production from the US, which has not joined any output limiting pacts and which is now the world's biggest producer of crude.
At the weekend, Saudi Arabia cut its official selling prices for April for all crude grades to all destinations by between $6 and $8 a barrel. The International Energy Agency said on Monday oil demand was set to contract in 2020 for the first time since 2009. It cut its annual forecast by almost one-million bpd and that the market would now contract by 90,000 bpd.
Bad for oil producing countries, win for us, huuuuge wins 👌
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