This translation has been automatically generated and has not been verified for accuracy.Oil prices could continue to tumble on slashed demand amid the coronavirus crisis, industry experts said in interviews published by Goldman Sachs, exacerbated by a market share tussle among top producers as the world runs out of storage space.
Oil expert and Pullitzer-winning author Daniel Yergin told Goldman Sachs that demand could fall by 20 million barrels per day in April, or even more, referring to the “biggest demand drop in modern times” while Saudi Arabia and Russia engage in a price war.“We’re in for a period of low prices, at least for the next several months, and maybe longer,” Yergin said.
How long it takes for the current surplus to be eliminated, and how long prices would stay low, depends more on the trajectory of the coronavirus pandemic, said PIRA Energy Group founder Gary Ross.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Posthaste: Oil could hit $55 by 2021, but not before the industry sheds its worst — and landlocked — assets: Goldman SachsStuff you need to know IE: thanks Trudeau for fucking Canada over Hmmm. Sounds very much like a province in Canada. Gee...I wonder how this will turn out Well done Trudeau and the Left. We don’t need oil. Or coal. There is far better energy sources out there that have been kept away from the public for generations.
Source: nationalpost - 🏆 10. / 80 Read more »
Opinion: No, Jason Kenney, Donald Trump won’t save Alberta’s oil industryThe Premier is sounding more desperate by the day, floating the idea of a closed North American energy market GlobeDebate I wonder how many of those healthcare workers and first responders who are under-equipped and undeterred risking their lives everyday in the trenches selflessly will try an absurd power grab to become the King of Canada for 2 years? I guess only time will tell. thisissobad GlobeDebate It's worthless. Except to refiners. Concentrate on getting the rest of Canada to use Alberta resources. Keep the money in Canada. GlobeDebate Maybe Kenney wants to be the next Trump. If that is the case strap in it is going to be a wild ride.
Source: globeandmail - 🏆 5. / 92 Read more »