Zero Hedge: Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices
With the commodity world still smarting from the Nov 2014 Saudi decision to (temporarily) break apart OPEC, and flood the market with oil in (failed) hopes of crushing US shale producers (who survived thanks to generous banks extending loan terms and even more generous buyers of junk bonds), which nonetheless resulted in a painful manufacturing recession as the price of Brent cratered as low as the mid-$20's in late 2015/early 2016, on Saturday, Saudi Arabia launched its second scorched earth, or rather scorched oil campaign in 6 years. And this time there will be blood.
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Update #1: Saudi Arabia to hike oil output above 10 mln bpd in April after OPEC+ deal collapse -- CNBC/Reuters
Update #2: Saudi Arabia Expected to Raise Oil Production, Further Pressuring Prices -- The New York Times
Update #3: Oil Price Armageddon As OPEC+ Disintegrates -- OilPrice.com
WNU Editor: With oil demand collapsing because of the coronavirus. The U.S. becoming the world's number one energy producer because of shale production. Coupled with other countries becoming oil producers like Guyana. What this means to you and I is the following .... OPEC deal collapse sparks price war: ‘$20 oil in 2020 is coming’ (CNBC).
