“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 rise of US oil production thanks to the tapping of shale deposits has disrupted the global markets in recent years as ample supplies have weighed on prices, forcing OPEC and its allies to restrain production.
“These restrictions have led to tumbling fuel consumption, amid product inventory builds, severely damaging jet fuel markets and driving gasoline margins into negative territory,” said the cartel.
We are still battling with the survival of Covid_19 by the time we get out of this Pandemic the HungerViris will hot harder. I hope our Govt. Ate thinking ahead (proactively)
The world is moving towards electric cars and renewable energy what did they expect? 😒
We will wait for historic turn around too
Nothing shocks Nigeria, its all normal now if not everyone will get a heart attack when our treasury caught fire overnight.. 😂
That's when the idiots up there, depends fully on oil..and not thinking beyond the present... They lack foresight. You haven't seen anything.
Everybody go rest... 🎵🎼🎶
They shouldn't be surprised.. This pandemic is a record breaker!
Hmmm
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