OPEC says oil market undergoing 'historic shock'

“The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group of producer nations in its latest monthly report.

The cartel had previously expected the United States to have been responsible for most non-cartel production growth, but now forecasts US output to drop by 0.15 mbd. The rapid drop in oil demand thanks to the lockdowns introduced to stem the spread of coronavirus saw crude prices tumble by two-thirds from their levels at the beginning of the year has also hit investment.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

OPEC says oil market undergoing ‘historic shock’Hmmm They shouldn't be surprised.. This pandemic is a record breaker! Everybody go rest... 🎵🎼🎶
Source: MobilePunch - 🏆 8. / 63 Read more »

OPEC says oil market undergoing ‘historic shock’Hmmm They shouldn't be surprised.. This pandemic is a record breaker! Everybody go rest... 🎵🎼🎶
Source: MobilePunch - 🏆 8. / 63 Read more »

Fire Guts Shops In Dugbe Market, IbadanFire Guts Shops In Dugbe Market, Ibadan In 2020, Nigeria burnt. God have mercy. What a great loss 😔 Haaa this is serious! Hope no one is victim
Source: channelstv - 🏆 7. / 63 Read more »

One Killed In Bauchi Market FireOne Killed In Bauchi Market Fire Covid19 with Fire20 again Is it the corona virus that is causing all this fire outbreaks😞 Is not Covid-19 that is killing Nigerians but 🔥 out break n security men
Source: channelstv - 🏆 7. / 63 Read more »