👉Oil Price War Explained It is a Russian War against The Petrodollar.
The oil prices could continue to plummet and even drop below $ 10 a barrel; due to the slump in demand, and due to the crisis,
industry experts say.
Demand could drop by 20 million barrels per day or more in April.
This is going to be the biggest drop in demand in modern times.
If we run out of oil reserves and oil cannot be shipped as in 1988, we will see that prices will drop dramatically to very low figures,
and, in some cases, to single digits.
Over the past month, two of the world's biggest oil producers, Saudi Arabia and Russia, have been in dispute about how to respond to the pandemic. As demand collapsed after airlines grounded their planes, factories shut their doors, and countries imposed travel bans. Crude prices fell further when these two major producers couldn't agree on cutting supplies to try and force prices higher.
Moscow’s decision to not deepen output cuts triggered an unexpected response in Riyadh, which decided to leave behind the OPEC deal and start pumping flat out.
The US pumps shale at a loss backed by the fed funding loss-making companies. The USA wants to manipulate the market. Trump's reality show meets reality.
Trump is practically saying: I am in favor of the free oil market, but I will put tariffs on you if you don't cut your production. Very consistent message. Congratulation, Mr. Trump.
All they need is to just stop selling their oil for the US dollar and let the US pump as much as they want.
The OPEC was arranged and is semi-controlled by the USA. The cartel was designed to protect US oil companies. And it still protects the US petrodollar.
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