Petroleum Africa
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Monday, March 9, 2020
Following last Friday’s meeting of the Organization of Petroleum Exporting Countries (OPEC) and major non-OPEC producers, a nonchalant attitude by mega producer Russia has seemingly sparked an oil trade war as Saudi Arabia has vowed to turn back on the taps.
The failure to reach a deal following Friday’s meeting resulted in the Saturday announcement by Saudi Arabia offering massive discounts to its official selling prices for April, and the fear the country will increase its production above the 10 million bpd threshold. The Saudi nation has the capacity to ramp up to 12.5 million bpd.
Oil prices in global markets tanked Monday morning as much as 34% in the US to a four-year low of $27.34 a barrel. Brent Crude dropped 26% to $33.49 a barrel.
Adding to the slumping oil price is the Corona Virus fear with stock markets and share prices plunging and global trading activity slowing, including in the industrial, energy and financial markets.
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