saudi crude oil war on Russia

[aakathaai789]

https://www.google.com/amp/s/m.economictimes.com/markets/commodities/news/why-crude-prices-crashed-30-today-key-things-to-know/amp_articleshow/74545828.cms

[aakathaai789]

Monday’s trade after Saudi Arabia slashed prices and set plans for a big increase in crude production in April. WTI crude oil traded 30.96 per cent, down at $28.50 per barrel in the international market. Brent crude oil was down 28.61 per cent at $32.32 per barrel.

Below are key things you need to know about falling crude oil price and its impact on the Indian economy.

[r2d2]

Oil prices suffered an historic collapse overnight after Saudi Arabia shocked the market by launching a price war against onetime ally Russia.

US oil prices crashed as much as 34% to a four-year low of $27.34 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market share.

Crude was recently trading down 27% to $30.04 a barrel. Brent crude, the global benchmark, plunged 26% to $33.49 a barrel. Both oil contracts are on track for their worst day since 1991, according to Refinitiv.

The shock to oil also rattled stock markets, which were already in a panic because of the novel coronavirus outbreak. Market in Asia plunged during Monday trading, while US futures recorded massive declines. In Europe, the FTSE 100 (UKX) plunged 8.5%, with BP (BP) down 20%, while Germany's DAX (DAX) was down 7.4% and Italy's main index fell 7%.

[aakathaai789]

Crude prices declined after the Saudi move to start a price war after Russia balked at making further steep output cuts proposed by OPEC to stabilise oil markets hit by worries over the global spread of the coronavirus. Saudi Arabia plans to boost its crude output above 10 million barrels per day (bpd) in April after the current deal to curb production expires at the end of March, sources told Reuters. The world’s biggest oil exporter is attempting to punish Russia, the world’s second-largest producer, for not supporting the production cuts proposed last week by the Organisation of the Petroleum Exporting Countries (OPEC).

[jabbala_subbbaraju]

Russia will not back down... it is not buying its security from other countries.. rather self sufficient in that aspect... no immediate threat

[r2d2]

US ki debba

[aakathaai789]

5 minutes ago, jabbala_subbbaraju said:

Russia will not back down... it is not buying its security from other countries.. rather self sufficient in that aspect... no immediate threat

Second largest oil producer Russia bongu kaani pattinchukoru aallu

[AndhraneedSCS]

This is not a fight between Saudi and Russia in my opinion. 

They are actually fighting against US shale producers. May be want some companies to go bankrupt 

[kevinUsa]

16 minutes ago, AndhraneedSCS said:

This is not a fight between Saudi and Russia in my opinion. 

They are actually fighting against US shale producers. May be want some companies to go bankrupt 

Us shale is not profitable

Don't worry thata will make a statement it can make Market up or down