Tuesday, April 21, 2020 |
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(Worthy News) – A week ago, the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to slash production by 9.7 million barrels, a deal that brought an end to a price war between two of the biggest exporters, Russia and Saudi Arabia.
The Economist Intelligence Unit (EIU) reported this week that crude stocks have built to 504 million barrels, their highest levels since 2017, despite slowing production. And with production continuing because wells can’t be shut down, stocks are only going to grow.
The collapse in oil prices has created a bleak outlook for a number of companies and also could lead to dire political consequences for governments in the Middle East and Russia, whose budgets are already strained and who depend on fossil fuel revenue, say Western diplomats and political analysts. [ Source: VOA News (Read More…) ]
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