Page 32 - கிரீடம் ப்ரிந்ஸ் முகமது பின் சல்மான் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Saudi Arabia and Russia A few weeks before the U.S. crude benchmark contract on the NYMEX briefly became worthless, Saudi Arabia and Russia not only failed to agree on output cuts during the OPEC+ meeting but decided to unleash millions of barrels of additional crude oil onto the market. All this while global oil demand was plummeting, with consumption crushed by the COVID-19 pandemic. Both parties, unlikely partners married out of practicality with the goal to capture market share from U.S. shale producers, greatly mismanaged their positions. Russia clearly underestimated the collapse in fuel consumption following the first wave of shutdowns late in the first quarter 2020. Global oil demand plummeted as much as 35 million bpd in what is now referred to as Black April from a record-high 100 million bpd just two months prior. 

United statesSaudi arabiaGavin newsomDonald trumpVladimir putinLiubov georgesYork mercantile exchangeNew york mercantile exchangeOrganization for economic cooperationInternational energy agencyEuropean unionOrganization of petroleum exporting countriesBlack swanPetroleum exporting countriesWest texas intermediateEconomic cooperation