{"id":110240,"date":"2020-03-15T20:55:54","date_gmt":"2020-03-15T17:55:54","guid":{"rendered":"https:\/\/www.enerjigazetesi.ist\/?p=110240"},"modified":"2020-03-15T21:44:14","modified_gmt":"2020-03-15T18:44:14","slug":"opec-anlasmazligi-fiyat-savasina-neden-oldu","status":"publish","type":"post","link":"https:\/\/www.enerjigazetesi.ist\/en\/opec-anlasmazligi-fiyat-savasina-neden-oldu\/","title":{"rendered":"Oil Nose-Dives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War"},"content":{"rendered":"

<\/p>\n

Oil prices are down nearly 50% for the year after OPEC+ talks collapsed and Saudi Arabia announced slashed prices in an apparent price war with Russia.<\/h1>\n

Oil prices fell<\/strong> through the floor in early trading Monday,<\/strong> tanking as much as 30%<\/strong> after Saudi Arabia<\/strong> slashed its crude prices for buyers. The kingdom is\u00a0reportedly preparing to open the taps<\/strong> in \"\"an apparent retaliation for Russia\u2019s unwillingness<\/strong> to cut its own output.<\/p>\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<\/strong>, told CNBC<\/strong>. International benchmark\u00a0Brent crude<\/strong>\u00a0was trading at $33.79<\/strong> a barrel\u00a0\u2014 down almost 50%<\/strong> 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 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<\/strong> producers ready for an all-out price war after failing to reach<\/strong> an output cut agreement Friday<\/strong>, in a sudden U-turn<\/strong> from previous attempts to support the oil market as the new coronavirus<\/strong> hammers global demand.<\/p>\n

\u2033$20<\/strong> oil in 2020<\/strong> is coming,\u201d Ali Khedery<\/strong>, formerly Exxon\u2019s<\/strong> senior Middle East<\/strong> advisor and now CEO of U.S.-based strategy firm Dragoman Ventures, wrote Sunday<\/strong> on Twitter. \u201cHuge geopolitical implications. Timely stimulus for net consumers. Catastrophic for failed\/failing<\/strong> petro-kleptocracies 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 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<\/strong> to $8<\/strong> lower per barrel across all regions. Plunging price forecasts are also coming amid reports of a possible increase in production by the OPEC<\/strong> kingpin from its current 9.7 million<\/strong> barrels per day (bpd)<\/strong> to as many as two million bpd more.<\/p>","protected":false},"excerpt":{"rendered":"

Oil prices are down nearly 50% for the year after OPEC+ talks collapsed and Saudi Arabia announced slashed prices in an apparent price war with Russia. 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 […]<\/p>\n","protected":false},"author":1,"featured_media":110244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[53,44],"tags":[68696,52407,68401,44879,8033,67257,67564,67254,68694,42491,2086,12830,68693,68698,67256,68402,66105,65693,68399,68701,68703,68404,42493,1377,68403,68400,347,628,52130,68699,68700,68702,32663,885,42453,1463,68695,68697,17287],"views":180,"_links":{"self":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/110240"}],"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=110240"}],"version-history":[{"count":4,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/110240\/revisions"}],"predecessor-version":[{"id":110245,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/posts\/110240\/revisions\/110245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media\/110244"}],"wp:attachment":[{"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/media?parent=110240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/categories?post=110240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enerjigazetesi.ist\/en\/wp-json\/wp\/v2\/tags?post=110240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}