• 11 hours Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 1 day Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 30 mins Clean Energy Is Canceling Gas Plants
  • 3 mins GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 4 hours OP article : "Trump blasts Biden Fracking Plan . . . "
  • 1 hour America's Frontline Doctors - Safely Start Living Again!
  • 26 mins Biden denies fracking ban
  • 7 hours "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 1 day Vote Biden for Higher Oil Prices
  • 1 hour Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 2 days Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 2 days France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 2 days TX NATGAS flaring
  • 22 hours A sneak peak into the US election
U.S. Gasoline Demand Drops  

U.S. Gasoline Demand Drops  

U.S. gasoline demand is weakening,…

Editorial Dept

Editorial Dept

More Info

Premium Content

Saudi Arabia Is Ignoring U.S. Pressure

Market Movers

There has been no letting up in the oil price war despite the intense demand destruction caused by the global Covid-19 pandemic that has now reached Europe and the United States. There have been rumblings about the United States getting involved in the war, pleading with Saudi Arabia to reassure the market that it will not flood it with oil. So far, all indications are that those requests are falling on deaf ears, with Riyadh set, as of April 1, to flood the market. Russia has positioned itself to ramp up production, too, but to a lesser extent.

Many were hoping that the G20 talks would include discussions about oil supplies and prices, but before the meeting, Russia said that the issue was not on the agenda. G20 was going to be MBS’ big grandstanding for his new post-Khashoggi reputation as a good guy, and most thought that this wouldn’t go hand-in-hand with inadvertently destroying the US shale patch. However, with the coronavirus pandemic, the G20 lost its luster, so he will wait for a better opportunity.

As a result of the oil price war combined with the pandemic’s stripping of global demand, oil prices continue to trade in a low range, with WTI currently trading around $22 per barrel, bolstered in part by the stimulus bill that the Senate managed to pass earlier this week.

For now, Saudi Arabia has little incentive to stop the oil price war. Yes, prices are dangerously low, but it’s also producing more to boost…

Leave a comment

Leave a comment

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