Getbig Bodybuilding, Figure and Fitness Forums
Getbig Main Boards => General Topics => Topic started by: IroNat on March 09, 2020, 04:51:47 AM
-
https://finance.yahoo.com/news/saudi-arabia-triggers-an-oil-price-crash-goldman-sachs-warns-20-oil-is-possible-232942042.html
"Saudi Arabia’s decision to cut prices puts added pressure on an oil market already reeling from a global economic growth slowdown at the hands of the coronavirus outbreak. West Texas Intermediate crude has plunged about 48% year-to-date. That has put immense pressure on the share prices of oil majors such as Exxon and Chevron as well as drillers like Transocean.
Goldman Sachs is now out with a dire warning: $20 a barrel oil."
-
Is this a strategy by the Saudis to crush the competition, or do they just need the money?
>
Saudi Arabia increase oil output to record high
https://apnews.com/1f05815ec48fccd8ffa6b4dc3f4337c8
-
Saudis going for broke or going broke?
>
Saudi Aramco says it will increase oil production capacity (to 13 million barrels per day)"
https://apnews.com/2620b12074954047023c5f7740591cf9
"Saudi Arabia’s oil company Aramco said Wednesday it will increase production capacity to 13 million barrels per day, up from 12 million per day, part of a strategy to dominate market shareamid a slowdown in demand due to the outbreak of a new virus."
-
We are and have been in a financial/trade war with China, Russia and Iran and oil is a huge part of that.
Also this might be distraction them:
https://www.aljazeera.com/news/2020/04/coronavirus-widespread-saudi-royal-family-report-200409070130026.html
-
https://www.theguardian.com/world/2020/apr/20/oil-prices-sink-to-20-year-low-as-un-sounds-alarm-on-to-covid-19-relief-fund (https://www.theguardian.com/world/2020/apr/20/oil-prices-sink-to-20-year-low-as-un-sounds-alarm-on-to-covid-19-relief-fund)
Oil prices dip below zero as producers forced to pay to dispose of excess
US crude has negative value for first time in history as stockpiles overwhelm storage facilities
-
It's a temporary situation but will have serious consequences for many oil companies.