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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (79793)	3/17/2020 4:03:11 PM
From: Goose94	Read Replies (1) of 203026

Crude Oil: Saudi Arabia escalated the oil price war once again today by announcing plans to boost its oil exports to 10 million bpd from May. This is 3 million bpd more than it exported in February. With oil markets already oversupplied and coronavirus continuing to cause disruptions to supply chains around the world, both markets and oil prices are likely to suffer. Saudi Aramco said that it would keep production elevated through May at least, and that the company was “very comfortable” with oil at $30 per barrel. “In a nutshell, Saudi Aramco can sustain the very low price and can sustain it for a long time,” Aramco CEO Amin Nasser said on Monday on an earnings call with investors. “For the production in May ... I doubt it would be any different from next month.”

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