Mar
09

Petrol Problems

Oil prices are in freefall; down 50% since 1/1/20. Global demand, which historically annually grows by 1,000,000 bbl/day, is now expected to decline by 100,000 bbl/day in 2020. Making matters worse, because Russia and Saudi Arabia were unable to agree on any sort of production cut, the Saudis are flooding the market to punish the Russians (and by extension US frackers). This will absolutely crush corporate investment like in 2015/16.

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