Updated: Mar 20
@incugneto said, My dad had a saying when oil would have a significant crisis or price shock of some kind that sums it up. "When the oil industry goes to hell like this, there is really only two options as a producer. You can pray on your knees, or you can prey on your neighbours."
@sami_alhussain said, Oil prices have plunged 30% to around $31 a barrel, its lowest price since 1991.
@byHeatherLong said, Oil prices just plunged 30%. Stock futures are now down almost 1,000 points. There are legit concerns about bankruptcies in energy, airline, cruise + hotel sectors. This is exactly how the coronavirus can spill into a broader economic crisis.
@Schuldensuehner said, Oil price meltdown. Saudi Aramco has lost almost $500Bn in market cap from ATH in December.
@Schuldensuehner said, Saudi’s plan big oil output hike, going well at 10 million barrels per day, as kingdom beginning all-out price war as aggressive response to collapse of OPEC+ alliance with Russia. Riyadh reduces costs of its crude well below Russian oil. Oil market braces for nasty period.