• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 22 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 5 days Wind droughts
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 8 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 7 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 21 hours Xi Is Set To Be Re-Elected As China’s Leader
  • 6 days Oil Prices Fall After Fed Raises Rates
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 11 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 14 days The Federal Reserve and Money...Aspects which are not widely known

Breaking News:

EU Plans More Sanctions Against Russia

Why Oil Prices Could Continue To Fall

Why Oil Prices Could Continue To Fall

Despite the bullish news of…

Lithium Is Up 220% And This Is What You Need To Know

Lithium Is Up 220% And This Is What You Need To Know

Lithium prices have soared in…

Germany Unveils €200 Billion Package To Cap Soaring Energy Costs

Germany Unveils €200 Billion Package To Cap Soaring Energy Costs

German Chancellor Olaf Scholz announced…

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

OPEC+ Struggles With Oil’s Fast And Furious Fall

OPEC+ is meeting urgently to discuss moves in the face of an inexorable slide in oil prices that has brought Brent crude far below $60 a barrel and that saw West Texas Intermediate dip below $50 this week.

“Given oil’s fast and furious fall -- and the havoc that it could wreak on government finances across the producer group -- it looks like they don’t believe they have the luxury of time,” RBC Capital’s Helima Croft said as quoted by Bloomberg.

Bloomberg earlier reported, citing oil industry insiders, that demand in China could slump by as much as 20 percent because of the coronvarius outbreak. Due to the extensive travel restrictions and factory activity stalling, this 20-percent plunge in oil demand would be equal to around 3 million barrels per day (bpd) and this would make it the most sudden shock to global oil demand since 9/11, according to Bloomberg.

The coronavirus has claimed more than 360 lives, which has made it more deadly than the SARS epidemic from 2003. The outbreak is also close to being declared a pandemic, which won’t help oil prices either.

OPEC+ was already struggling with prices before the virus outbreak but now the situation looks a lot gloomier. There is precious little the cartel could do except deepen the oil production cuts further. Yet some would say Saudi Arabia, at least, is already cutting to the bone. Further cuts are bound to affect revenues negatively while they will not necessarily affect prices positively.

In fact, there is a solid chance they won’t affect prices much at all. The Libyan oil terminal blockade should have boosted prices considerably, with the production outage now having taken 1 million bpd off the market. Yet it has not. Neither have the otherwise bullish events that came before the blockade, notably the spike in U.S.-Iran tensions at the start of the year, which pushed prices up only for a short while before they retreated.

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