An unprecedented plunge in oil demand will turn the industry upside down

Liza Destiny

If that weren’t enough, a brawl between Saudi Arabia and Russia has led to a price war. The price of Brent crude, the global benchmark, fell by more than half in March, below $23 a barrel. The last time it was this cheap, in 1999, Britney Spears topped the charts and the dotcom bubble had not burst.

American frackers and international oil giants had problems of their own. Even as shale production surged, shale firms’ valuations sank, with more investors sceptical of their ability to produce steady profits. Worries over climate change clouded the long-term prospects of supermajors such as ExxonMobil and Royal Dutch Shell while other industries offered better short-term returns. Energy was the worst-performing sector in theThe oil market has witnessed big shocks before .

Mr Trump may therefore help broker an agreement, particularly if armed with data showing that American companies are already cutting spending. However, continued animosity between Russia and Saudi Arabia, combined with instability within’s smaller members, will lead at best to temporary production deals of limited impact. Output cuts agreed now would take time to be felt in the physical market.

?

Good. I'm doing my bit. 😉

I believe that this is a blessing in disguise, I mean sure there will be some short-term disruption and some layoffs, but I think that at the end of this, the world will realise the fragility of oil, and will turn to renewables instead. RenewableEnergy

It's the End of It. i don't understand why they are trying to reanimate a Dead Horse.... 🤔🤔

POOR LITTLE OIL COMPANIES!! Instead of making$ 5 Billion this week--they have to get by on$ 4.5 Billion! HOW ARE THEY GOING to pay their Executives half-a-Billion dollar bonuses!

There's a reason it's buried underground.. 🤓

Bring on cheap fuel..

Venezuela can’t take more squeezing

Oh oh

They are reducing production we read today ... well two big producer countries them are.

Good.

Good. The oil industry should tank into oblivion so that green energy can flourish. Why are you putting a negative connotation to this?

Well ItIsTime to re-evaluate many things and a petrochemical energy model should be the first to go into the trash bin If we had based our economy on renewable resources (hemp etc) a hundred years ago WE would not have the massive problems we have now TheRootOfTheProblem

This is why Trump is so fixated on this. His re-election chances are slipping through his fingers as the dominos fall.

United States United States Latest News, United States United States Headlines

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

U.S. railroads push against oil industry demands for storage in rail carsRailroads are clamping down on rising demand from oil companies to store crude in rail cars due to safety concerns, sources said, even as the number of places available to stockpile oil is rapidly dwindling. realDonaldTrump requested Saudi Arabia and Russia to lower production while US wanted an higher price without any effort. Sorry but the Oil industry exxonmobil Chevron and all the rich investors that lobbied governments for 70 years WarrenBuffett and such... STOP AND CHANGE
Source: Reuters - 🏆 2. / 97 Read more »

Brazil turns to local industry to build ventilators as China orders fall throughBrazil's health minister said on Wednesday that the country's attempts to purchase thousands of ventilators from China to fight a growing coronavirus epidemic had fallen through and the government is now looking to Brazilian companies to build the devices. Good news🤙 What is funny is that, after their US imports, China relies on Brazilian food imports the most to feed their country. China is actively burning bridges with the countries that feed their population, famine is going to be inevitable.
Source: Reuters - 🏆 2. / 97 Read more »