Nick Oxford/ReutersOil prices dropped 30% Sunday after Saudi Arabia announced it would boost production and cut prices.Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe.— the steepest drop since the Gulf War in 1991 — in early trading Sunday night before recovering slightly to a drop of 24%.
Saudi Arabia, the world's second-largest producer, this weekend said it will actually boost oil production instead of cutting it to stem falling prices, in a dramatic reversal in policy. Economies from China to Italy have ground to a halt as quarantines shut down factories and demand for products and services craters.
So our waste is being piped to create oil which is then sold back to us as fuel for machinery? Is that about right? What are our dead bodies used for, capacitors? I know they aren't being wasted, that's not the way things are done here.
Very strange. I could have sworn at 2 pm Friday I saw an article that said OPEC and Russia agreed to production cuts. I guess I should wait until the meetings officially end.
Trump and his buddies bankrupting America.
No surprise, considering huge dettes, With cost of war in Yemen, and support of terrorists all over the world they must sell at any cost. Almost bankrupt.
BlueWave Resist Trump and corruption in the White House.
realDonaldTrump Are we winning yet?
Only for a short while. They want to kill the shale oil business. Won’t work.
_summerhead Saudi arabia with its disgusting human rights violations and the systemic subjugation of women and children can piss off. Backwards.
Just what our environment needs - more oil.
Nice gas prices going down!!!
We’ll see the prices fall at the gas pump, right?
Is this to cover for what they're doing to people in Yemen?
MK57388604
Saudis just doing their part trying to help Trump in an election year. Lower oil prices basically give people more money to spend on other things
THIS is realDonaldTrump’s market!
Good news in that it will mean less of a need for us to be fracked in America.
That sucking sound is US shale going belly up.
Nobody ain't buying no oil. We staying home trying to keep out the way if this CoronavirusOutbreak
Someone better invest to build refineries globally wb3lqmgmail.com
How much you want to wager consumers at the pump won't notice a remarkable difference? Sell gas at the same cost now and make a killing in profits. Not like we're in a position to tell them to bugger off.
Cheap gas➡️more cash in consumers' pockets.😎👍
HAHAHAHA the international, evil oil cartel, including the american division, KNOWS they are on the way OUT as the major driver of energy and CONTROL. bring it on.
Or it will increase profits.
wonder if kushner is involved.... the QAnon have been speaking of his movement and communications. 'cant stop whats coming.' as tRUmp🇷🇺 put it covid19, US market, Oil market crash. pretty crazy china stockpiling oil? they are pushing for the largest navy on the planet.
Saudis like, fuck it, we already IPOd. DUMP ITTTTTT
This is not the news we are looking for.
Cool. We’re still paying almost $4/gallon in the US. Lemme know if that’s gonna change, otherwise WGAF.
I thought they made “great deals, amazing deals...you can’t believe how amazing”.
Wow. The price of energy is plummeting. I guess that means lower prices for American consumers. Oh, who am I kidding? The corrupt economic system has almost nothing to do with supply and demand or 'the markets.'
discount from $6 to $8?...discount?
This sucks
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