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Politics : View from the Center and Left
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To: zax who wrote (432439)3/8/2020 11:06:22 PM
From: Sam  Read Replies (1) of 540586
 
Just stating the obvious here, but--we are in a crash. The price of oil isn't helping.

Putin just sparked an oil price war with Saudi Arabia — and US energy companies may be the victims
Published Sun, Mar 8 20206:34 PM EDT

Brian Sullivan

Key Points

  • Russia rejected a proposal by OPEC to cut 1.5 million barrels per day of production.
  • In response, Saudi Arabia not only cut its forward crude price to Chinese customers by as much as $6 or $7 per barrel, but is also reportedly looking to raise its daily crude output by as many as 2 million barrels.
  • The move by the Saudis is both a market share grab and a loud signal to Moscow that it’s done playing games.
  • American oil and gas workers and investors are caught in the middle of this epic ego battle.

Vladimir Putin just sparked what could end up being one of the ugliest oil price wars in modern history, and American oil and gas companies may be the victims.

This weekend Saudi Arabia dropped the oil bomb. It not only cut its forward crude price to Chinese customers by as much as $6 or $7 per barrel, but is also reportedly looking to raise its daily crude output by as many as 2 million barrels per day into an already oversupplied global market. Look out below.

continues at cnbc.com
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