The International Energy Agency expects global oil demand to contract by a stunning 20% this year.
Oil at $20 per barrel was unimaginable a few months ago; now some forecasters are calling prices as low as $10 or even single digits as the world runs out of storage space and the global economy grinds to a halt.
The International Energy Agency expects global oil demand to contract by a stunning 20% this year, and Japanese bank MUFG estimates demand in April to plummet by 8.5 million barrels per day. Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi Arabia and others turn on the taps following the expiration of the OPEC+ output cut deal on April 1 that had reined in production to boost the market.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
As Saudi Arabia considers postponing Hajj, why is it important for Muslims?As millions of Muslims start preparing for this year’s annual Hajj pilgrimage, Saudi authorities ask followers to delay bookings in light of the ongoing global pandemic.
Baca lebih lajut »
Trump says Russia, Saudi Arabia will work out oil disputePresident Donald Trump on Wednesday said he was confident Russia and Saudi Arabia would resolve an oil-price dispute that has damaged the industry. 'I have...
Baca lebih lajut »
Trump says Russia and Saudi Arabia are discussing end to oil price war, will intervene 'at the appropriate time'The dispute erupted last month and has driven down the price of oil in a market struggling under the coronavirus pandemic.
Baca lebih lajut »
Saudi oil supply hits record high despite U.S. pressure: sourcesSaudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand triggered by the coronavirus outbreak and U.S. pressure on the kingdom to stop flooding the market.
Baca lebih lajut »
Saudi official urges Muslims to delay Hajj plans over virusThe kingdom closed off the holy cities of Mecca and Medina to foreigners over the coronavirus fears, a step which wasn’t taken even during the 1918 flu epidemic that killed tens of millions worldwide.
Baca lebih lajut »
U.S.-Saudi oil alliance idea born at White House, put on back burner for nowTop U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers. A few weeks ago, proposals for Washington to work
Baca lebih lajut »