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Oil Demand Had Been Declining Due to Low Global Economic Growth, Which Was Worsened by the Coronavirus. On Friday, Brent Was Already Trading at US$ 45 (It Was at US$ 65 Two Months Ago). If the Arabs Flood the Market with More Oil, Prices Will Melt.
Russia Has Just Triggered What Could End Up Being One of the Ugliest Oil Price Wars in Recent History. And Saudi Arabia is Responding. As the Two Oil Superpowers Clash, American Oil Companies May End Up Being the Biggest Victims.
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Russian President Vladimir Putin Announced on Sunday That Current Oil Prices Are Sustainable for the Russian Economy. He Added That Russia Has the Tools to Respond to Any Adverse Outcome from the Spread of the Coronavirus on the Global Financial Climate.
“I Want to Emphasize That for the Russian Budget, for Our Economy, the Current Level of Oil Prices Is Acceptable,” Putin Explained in a Meeting with Russian Energy Officials.
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Now, Some Oil Analysts Are Predicting Low Barrel Prices, Around US$ 20 This Year. Some Experts Suggested That Russia’s Move Aims to Combat US Shale Producers and Respond Against the US for Targeting the Nord Stream 2 Pipeline Linking Russia and Germany.
Saudi Arabia Responded on Sunday Morning Using Its Main Weapon, Its Gigantic Oil Reserves. Its Most Recent Plans Will Not Only Reduce Its Unrefined Price for Chinese Consumers by Up to US$ 6 or US$ 7 per Barrel but Also Increase Its Daily Unrefined Production by Up to 2 Million Barrels Per Day in an Increasingly Oversupplied International Market.
The Saudis’ Shocking Action Is Both a Market Share Play and a Loud Signal to Moscow That There Is a Serious Trade Adversary.
Seconds After the Market Opened on Sunday Night, Oil Prices Fell by Up to 30%, Bringing Oil to Its Lowest Level in Four Years. Brent Fell from US$ 45 Per Barrel to US$ 36.44 at the Time This Article Was Written, While WTI Dropped from US$ 40.45 to US$ 32.97, in One of the Worst Declines in Recent History.
Sources: Oil Prices and Marcelo Gauto.
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