https://oilprice.com/Energy/Energy-General/Oil-Prices-Crash-20-As-Oil-War-Begins.html
Saudi Arabia is once again glutting the market with crude oil to beat back encroaching non-OPEC producers dropping oil to a 30 year low.
You might remember something similar happening a few years ago in ~2016 which caused Venezuela to collapse and oil prices were nearly this low. But this time it's happening with a different kind of demand drop as coronavirus scares are grounding planes and keeping ships at port. Already stock markets are opening to gigantic crashes.
Saudi Arabia is once again glutting the market with crude oil to beat back encroaching non-OPEC producers dropping oil to a 30 year low.
You might remember something similar happening a few years ago in ~2016 which caused Venezuela to collapse and oil prices were nearly this low. But this time it's happening with a different kind of demand drop as coronavirus scares are grounding planes and keeping ships at port. Already stock markets are opening to gigantic crashes.