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  • Oil prices had one of the biggest

  • ever falls on Monday, taking the price of Brent crude

  • to nearly $30 a barrel.

  • Behind this was an effective collapse

  • of an agreement between Opec and Russia

  • to enact production cuts to support the market.

  • Saudi Arabia, Opec's de facto leader,

  • wanted deeper and more prolonged cuts

  • to counter the effect of the spread of coronavirus

  • on demand.

  • The International Energy Agency said this week

  • that oil consumption is expected to contract this year

  • for the first time since 2009.

  • Despite this, Russia did not want to team up with Opec,

  • believing the bigger cuts to production

  • would only propel rival US shale producers.

  • So what happened next?

  • Saudi Arabia started a price war.

  • Even as the world requires less oil from global producers,

  • the kingdom said it would put another 2.6m barrels a day

  • into the oil market.

  • This triggered a tit-for-tat response from rivals.

  • Russia said it would add more oil into the market

  • and so did the UAE.

  • It's the first time since the 1930s

  • that we're seeing such a severe demand shock now

  • combined with a supply shock.

  • What now?

  • Oil prices have recovered somewhat

  • but no one knows how bad this is going to get.

  • Major oil companies are preparing for a prolonged

  • period of low prices.

  • Occidental Petroleum in the US cut its dividend

  • to shareholders by almost 90 per cent this week.

  • Energy analysts expect big cuts in capital spending

  • from some of the world's major companies

  • and smaller players as their balance sheets take a hit.

  • Producer countries dependent on oil to fill government coffers

  • are also on alert.

  • The last time there was a price crash, in 2014, it was brutal.

  • Again, the oil market is preparing for the worst case

  • scenario.

Oil prices had one of the biggest

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沙特為何發動油價戰? (Why Saudi Arabia launched an oil price war | FT)

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    林宜悉 發佈於 2021 年 01 月 14 日
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