Oil prices turned negative. Hundreds of US oil companies could go bankrupt
The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply.
OPEC cuts failed to end the panic
The most stunning part of the record low in oil prices is that it comes after Russia and Saudi Arabia agreed to end their epic price war after President Donald Trump intervened. OPEC+ agreed to cut oil production by a record amount.
Trump said the OPEC+ agreement would save countless jobs and much-needed stability to the oil patch.
“This will save hundreds of thousands of energy jobs in the United States,” Trump tweeted on April 12. “I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia.”
在国际油价上,五月份的美国西德州轻质原油期货WTI在早盘期间重挫了大约40%,到达低于11美元每桶的价格,创1998年12月以来的新低。同时,六月份的WTI期货价格也下挫了超过12%,一度交易在22美元每桶左右。
Oil prices turned negative. Hundreds of US oil companies could go bankrupt
The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply.
https://edition.cnn.com/2020/04/20/business/oil-price-crash-bankruptcy/index.html
OPEC cuts failed to end the panic
The most stunning part of the record low in oil prices is that it comes after Russia and Saudi Arabia agreed to end their epic price war after President Donald Trump intervened. OPEC+ agreed to cut oil production by a record amount.
Trump said the OPEC+ agreement would save countless jobs and much-needed stability to the oil patch.
“This will save hundreds of thousands of energy jobs in the United States,” Trump tweeted on April 12. “I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia.”
https://www.oil-price.net/