X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 3 mins Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 11 hours Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 17 hours NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 58 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 3 hours Retired RAF pilot wins legal challenge over a wind farm
  • 19 hours Disaster looming in UK offshore wind power
  • 20 hours The latest GOP nonsense on Texas shows us the future Republicans want
  • 1 hour Minerals, Mining and Industrial Ecology
  • 24 hours The Cyberpandemic has Begun: SolarWinds + FireEye – Gmail & Google services down
  • 21 hours U.S. Presidential Elections Status - Electoral Votes
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Hits $20 For The First Time In 18 Years

Oil prices plunged on Monday to their lowest levels in eighteen years, below $20 per barrel, as the coronavirus pandemic continues to cripple global oil demand with no signs of Saudi Arabia backing down on its promised supply surge.   

At 11:25 a.m. EDT on Monday, WTI Crude had plunged to the $20 mark—and traded at $20.29, down by 5.67 percent on the day. Brent Crude prices had tumbled below $26—at $25.71, down by 8.01 percent today. Oil prices have lost more than 60 percent so far this year and hit on Monday their lowest level since 2002 as travel restrictions and lockdowns in major economies wipe out millions of barrels of oil per day of global oil demand.  

Analysts and market participants are currently anticipating an oil demand collapse of around 20 million bpd in April, but it’s anyone’s guess now how long lockdowns and travel restrictions will remain in place, so the toll on oil demand could be higher.  

While demand is plunging, there are no signs that the world’s top oil exporter and OPEC’s top producer and leader, Saudi Arabia, would back down from the oil price war it started earlier this month. The Saudis continue to signal an aggressive supply surge amid heavily depressed global demand, with another statement out on Monday to additionally roil the market.   

“[T]he Kingdom intends to increase its crude oil exports, starting from May, by about 600 thousand barrels per day, bringing the total of Saudi petroleum exports to 10.6 million barrels per day,” an official at the Saudi Arabian Energy Ministry said on Monday, as carried by the official Saudi Press Agency.

On Friday, a Saudi Arabian official denied to Reuters reports that the Kingdom was in contact with Russia about potential talks to reach some kind of deal to influence the oil prices.

According to analysts, any talks or even a deal to support the market will be futile right now, considering the huge demand destruction.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Ilya Grushevskiy on March 30 2020 said:
    Although, if you calculate the price after inflation, which at 2% would double the price level ~25 years, then the price is closer to ~ 12 bucks!! :'D
  • Kalle Gustavsson on March 30 2020 said:
    Saudi Arabia said that they were gonna start April first and now they postpone to may. That to me is a show of weakness and that they are bluffing.

Leave a comment




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