• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 5 hours Which producers will shut in first?
  • 8 hours The Most Annoying Person You Have Encountered During Lockdown
  • 1 hour Its going to be an oil bloodbath
  • 1 day We are witnesses to the end of the petroleum age
  • 4 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 19 mins How to Create a Pandemic
  • 7 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 7 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 14 hours Wastewater Infrastructure Needs
  • 2 hours KSA taking Missiles from ?
  • 1 day A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 1 day >>The falling of the Persian Gulf oil empires is near <<
Alt Text

The Inevitable Collapse Of Global Oil Production

Oil prices recovered slightly on…

Alt Text

Oil Stocks Haven’t Hit The Bottom Just Yet

The coronavirus pandemic, in addition…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Sinks To Prices Not Seen Since 2018

Market fears and weak oil demand have prompted a continued oil price slide, with both the Brent crude and WTI crude benchmarks falling on Monday to lows not seen since the end of 2018.

WTI was trading below the $50 per barrel mark, down $0.79 (-1.57%) on Monday afternoon near 4pm. Brent crude was trading down $ 1.20 (-2.20%) at $53.27.

The coronavirus has so far infected more than 40,000 people and claimed the lives of over 900—more than the SARS outbreak of 2002/2003. Travel restrictions to, from, and within China, in an effort to contain the virus and keep it from spreading, have cut into oil demand, as has a slowdown in industrial activities.

Despite the travel restrictions, the virus has reared its ugly head in 25 countries, including the US and Britain—the latter of which declared today the virus an “imminent threat” to public health.

PetroChina and Sinopec, the two largest oil refineries in China, have cut refinery run rates to compensate, alongside independent refineries who have done the same. 

So far, oil has slid 25% off this year’s peak as a result.

OPEC failed to adequately quash market fears on Monday as recommendations by its joint technical committee both to extend the current production cuts to the end of the year and to deepen the cuts did not gain the immediately support of oil behemoth Russia, with the country saying it needed more time to evaluate the market situation and the effect the coronavirus would have on it.

The economic effects of the coronavirus are profound, with analysts downgrading China’s GDP growth for 2020, with most agreeing that the first half of 2020 will drag down the entire year.

Citi downgraded China’s full year growth forecast from 5.8% to 5.5%, and MacQuarie downgraded its outlook from 5.9% to 5.6%. Meanwhile, Moody’s kept its forecast at 5.8%.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News