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09.03.2020 WTI Analys
As a result of the move, even the Saudi Oil Company (ARAMCO) also suffered outcomes from the price cut going down by 10%. Government bonds in Saudi Ara
Yazar: Zack Smith
Yayınlanma: 10 Mart 2020 01:08
Güncellenme: 18 Kasım 2024 21:01
Bloodbath in oil caused by Saudi Arabia "The largest oil exporter" after announcing with a cut in April oil prices to all destinations by $6 or $8 according to Reuters. Today crude oil prices went down by many points since the last gulf war of 1991 that lasted 6 weeks calling this The War Price.
West Texas Intermediate (WTI) crude futures (CLC1) falling by 23.57% at $31.55 after touching $27.34. The U.S. benchmark was potentially going for its biggest decline on record, exceeding a 30% fall in January 1991..
The move influenced by Russia's denial to cooperate with OPEC and of course, Saudi Arabia who formed the Organization of Petroleum Export Countries (OPEC) reacted to their denial even it meant them losing in the process. Instead of cutting oil supply Saudi went their way putting out a discount and also announcing that they will increase their oil output to ramp up to 12 million barrels per day reported by Reuters. The crash even left Central Banks are facing trouble deciding on whether to cut interest rates to stimulate growth or raise interest rates to support their currencies as Cedric Chehab, the Head of Country Risk and Global Strategy told CNBC.
09.03.2020 WTI Analysis
As a result of the move, even the Saudi Oil Company (ARAMCO) also suffered outcomes from the price cut going down by 10%. Government bonds in Saudi Arabia and other Gulf oil-producing nations were also hit. Meanwhile, China is trying to restrict the impact of the coronavirus outbreak being the world's second-largest economy and biggest oil importer.İLGİLİ HABERLER
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