• 3 minutes The World Economic Forum (WEF) - Davos 2022 Conference held this last week of May
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 28 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 7 hours "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 3 days Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 7 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 7 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
Qatar Minister Slams West For Demonizing Oil And Gas

Qatar Minister Slams West For Demonizing Oil And Gas

For years, Western countries have…

Is It Time To Buy Oil And Gas Pipeline Stocks?

Is It Time To Buy Oil And Gas Pipeline Stocks?

This week our Intelligent Investor…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudis Start All-Out Oil War With Dramatic Price Cut

Saudi Arabia has announced it will slash its official selling prices for crude by between $4 and $8 per barrel, Arab News reports, to be in effect from April when the current production cuts expire.

The biggest discounts were offered to buyers in northwestern Europe and the United States.

The announcement pressured already severely hurt benchmarks after the failed meeting of OPEC+ on Friday when Russia refused to take part in further cuts that would have reduced global oil production by a total 3.6 million bpd.

“As from 1 April we are starting to work without minding the quotas or reductions which were in place earlier,” Energy Minister Alexander Novak said on Friday, adding “but this does not mean that each country would not monitor and analyze market developments.” 

“We are likely to see the lowest oil prices of the past 20 years in the next quarter,” Arab News’ Frank Kane quoted an IHS Markit analyst as saying.

This is very likely to happen, indeed: at the time of writing, Brent crude was trading close to $32 a barrel, with West Texas Intermediate at below $29 a barrel, with more space to fall as coronavirus-fueled worry about the global economy deepens amid news about new cases, a lockdown for 16 million people in northern Italy and reports of the first case in Washington D.C.

“I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure,” Robin Mills, head of consultancy Qamar, told Arab News. “But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”

Banks have already begun slashing their short-term price forecasts: Morgan Stanley said it had cut its Brent crude outlook for the second quarter to $35 a barrel from $57.50, CNBC reported Sunday.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News