{"id":109898,"date":"2020-03-09T14:07:25","date_gmt":"2020-03-09T11:07:25","guid":{"rendered":"https:\/\/www.enerjigazetesi.ist\/?p=109898"},"modified":"2020-03-09T14:10:01","modified_gmt":"2020-03-09T11:10:01","slug":"opec-anlasmazligi-fiyat-savasina-yol-acti","status":"publish","type":"post","link":"https:\/\/www.enerjigazetesi.ist\/en\/opec-anlasmazligi-fiyat-savasina-yol-acti\/","title":{"rendered":"Oil Nosedives as Saudi Arabia and Russia Set Off \u2018Scorched Earth\u2019 Price War"},"content":{"rendered":"

<\/p>\n

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is\u00a0reportedly preparing to open the taps in an apparent retaliation for Russia\u2019s unwillingness to cut its own output.<\/h1>\n

\u201cThis has turned into a scorched Earth approach by Saudi Arabia,<\/strong> in particular, to deal with the problem of chronic overproduction,\u201d John Kilduff, founding partner of Again Capital, told CNBC. \"\"International benchmark\u00a0Brent crude<\/strong>\u00a0was trading at $33.79 a barrel\u00a0\u2014 down almost 50% year to date \u2014 at 10:45 a.m.<\/strong> Singapore time, with\u00a0West Texas Intermediate<\/strong>\u00a0at $30.72<\/strong>.<\/p>\n

The U.S. benchmark commodity<\/strong> is on pace for its worst day since January 17, 1991<\/strong>, when it lost 33%<\/strong>, and its second-worst day<\/strong> ever. That was during the Persian Gulf War<\/strong>.<\/p>\n

Experts are now calling dramatically lower crude prices as major OPEC<\/strong> and non-OPEC producers<\/strong> ready for an all-out price<\/strong> war after failing to reach an output cut agreement Friday<\/strong>, in a sudden U-turn from previous attempts<\/strong> to support the oil market as the new coronavirus hammers global demand.<\/p>\n

\u2033$20<\/strong> oil in 2020<\/strong> is coming,\u201d Ali Khedery<\/strong>, formerly Exxon<\/strong>\u2019s senior Middle East advisor and now CEO of U.S.-based strategy firm Dragoman Ventures, wrote Sunday on Twitter<\/strong>. \u201cHuge geopolitical<\/strong> implications. Timely stimulus for net consumers. Catastrophic for failed\/failing petro-kleptocracies<\/strong> Iraq, Iran<\/strong>, etc – may prove existential 1-2 punch<\/strong> when paired with COVID19<\/strong>.\u201d<\/p>\n

The comment came as oil prices<\/strong> are down 48%<\/strong> for the year and two days after Saudi Arabia<\/strong> announced massive discounts to its official selling prices for April, between $6 to $8 lower<\/strong> per barrel across all regions. Plunging price forecasts are also coming amid reports of a possible increase in production by the OPEC kingpin<\/strong> from its current 9.7 million barrels<\/strong> per day (bpd)<\/strong> to as many as two million bpd more.<\/p>","protected":false},"excerpt":{"rendered":"

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is\u00a0reportedly preparing to open the taps in an apparent retaliation for Russia\u2019s unwillingness to cut its own output. \u201cThis has turned into a scorched Earth approach by Saudi Arabia, […]<\/p>\n","protected":false},"author":1,"featured_media":109900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[53,44],"tags":[52407,68401,44879,8033,67564,67254,42491,67256,68402,65693,68399,68405,67259,68404,42493,68403,68400,53153,347,628,42453,1463,68406,17287],"views":95,"_links":{"self":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/109898"}],"collection":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/comments?post=109898"}],"version-history":[{"count":1,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/109898\/revisions"}],"predecessor-version":[{"id":109901,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/109898\/revisions\/109901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media\/109900"}],"wp:attachment":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media?parent=109898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/categories?post=109898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/tags?post=109898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}