Oil war began
Oil prices and stock indexes on Sunday were announced to the customers in Asia, the United States and Europe - a steep drop in oil prices from $ 1 to to $ 5 per barrel. Benchmark Brent crude oil prices dropped below $ 34 per barrel. Oil prices fell more than 30% this year before Sunday.
The oil price push has reappeared across the financial markets. The Dow Futures fell more than a thousand points, after S&P 500 futures tumbled 5% and hit their limits, and the yield on the 10-year original Treasury note dropped below 0.5%, a record low.
Saudi Arabia, the world's second largest producer, has said it will reduce production as well as reduce prices. Nevertheless, Russia has called for a reduction in production. On Friday, negotiations ended in failure. OPEC and its affiliates do not announce any new reductions and do not even promise to increase the current cut.
Low oil prices are bad for Saudi Arabia's budget, and on Sunday, Saudi oil company Aramco's share price fell below its initial public offering price. However, since Saudi Arabia's manufacturing costs are the lowest in the world, lower prices can hurt other manufacturers more.
Many countries worried.
Baker Hughes reports that the number of oil and gas rigs in the US has risen this week from 79 to 79 3, with total oil and gas rigs down by less than 20 this time last year. According to Baker Hughes data, the number of oil rigs increased by 4 rigs a week and Over the years, it has reached 152-rg loss to 682.
According to the report, the number of active gas rigs in the US has decreased by 1, to 109, compared with 193 a year ago. According to data provided by the Energy Information Administration, oil production in the United States has reached 1.5 million bpd, which is quite new for the United States. Higher. Compared to the 500 rigs a week ago, the Permian is the most valuable sink rig The number has risen 4 this week to 411. The second largest basin, the Ag Gull Ford, caught 5 rigs held faster than a year ago.
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At 12:30 pm WTI's benchmark bargains were trading at .00 42.00 (-8.50%) per barrel - about $ 3 per barrel below last week's level. On Friday, OPEC and OPEC + failed to reach an agreement so far, Russia declined to extend generous cuts. OPEC suggests Russian energy minister Alexander Novak told OPEC + members that they would like to leave after April 1 The price came down further as the roof could pump.
So, Saudi Arabia is facing one. If it cannot recover the price, then the price is going down. It is proposing to reduce oil prices for the US market by $ per barrel, $ 1 in Europe and $ by Asia. Combined with Saudi Arabia's ability to rapidly grow - flooded the market with cheap crude - these unilateral prices will lower oil prices for all.
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Oil prices and stock indexes on Sunday were announced to the customers in Asia, the United States and Europe - a steep drop in oil prices from $ 1 to to $ 5 per barrel. Benchmark Brent crude oil prices dropped below $ 34 per barrel. Oil prices fell more than 30% this year before Sunday.
The oil price push has reappeared across the financial markets. The Dow Futures fell more than a thousand points, after S&P 500 futures tumbled 5% and hit their limits, and the yield on the 10-year original Treasury note dropped below 0.5%, a record low.
Saudi Arabia, the world's second largest producer, has said it will reduce production as well as reduce prices. Nevertheless, Russia has called for a reduction in production. On Friday, negotiations ended in failure. OPEC and its affiliates do not announce any new reductions and do not even promise to increase the current cut.
Low oil prices are bad for Saudi Arabia's budget, and on Sunday, Saudi oil company Aramco's share price fell below its initial public offering price. However, since Saudi Arabia's manufacturing costs are the lowest in the world, lower prices can hurt other manufacturers more.
Many countries worried.
Baker Hughes reports that the number of oil and gas rigs in the US has risen this week from 79 to 79 3, with total oil and gas rigs down by less than 20 this time last year. According to Baker Hughes data, the number of oil rigs increased by 4 rigs a week and Over the years, it has reached 152-rg loss to 682.
According to the report, the number of active gas rigs in the US has decreased by 1, to 109, compared with 193 a year ago. According to data provided by the Energy Information Administration, oil production in the United States has reached 1.5 million bpd, which is quite new for the United States. Higher. Compared to the 500 rigs a week ago, the Permian is the most valuable sink rig The number has risen 4 this week to 411. The second largest basin, the Ag Gull Ford, caught 5 rigs held faster than a year ago.
Win a I-Phone 11 pro in our contest by press click here bellow
At 12:30 pm WTI's benchmark bargains were trading at .00 42.00 (-8.50%) per barrel - about $ 3 per barrel below last week's level. On Friday, OPEC and OPEC + failed to reach an agreement so far, Russia declined to extend generous cuts. OPEC suggests Russian energy minister Alexander Novak told OPEC + members that they would like to leave after April 1 The price came down further as the roof could pump.
So, Saudi Arabia is facing one. If it cannot recover the price, then the price is going down. It is proposing to reduce oil prices for the US market by $ per barrel, $ 1 in Europe and $ by Asia. Combined with Saudi Arabia's ability to rapidly grow - flooded the market with cheap crude - these unilateral prices will lower oil prices for all.
Read More
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