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9 March 2020 12:52 pm - 18 - {{hitsCtrl.values.hits}}
Oil markets crashed more than 30 per cent after the disintegration of the Opec+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.
Brent futures suffered the second-largest decline on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf War in 1991. As the global oil benchmark plummeted to as low as $31.02 a barrel.
The cataclysmic collapse will resonate through the energy industry, from giants like Exxon Mobil Corp. to smaller shale drillers in West Texas.
It will hit the budgets of oil-dependent nations from Iraq to Nigeria and could also reshape global politics, eroding the influence of countries like Saudi Arabia. The fight against climate change may suffer a setback as fossil fuels become more competitive versus renewable energy.
Aramco’s unprecedented pricing move came just hours after the talks between Organization of Petroleum Exporting Countries and its allies ended in dramatic failure. The breakup of the alliance effectively ends the cooperation between Saudi Arabia and Russia that has underpinned oil prices since 2016.
The state-owned Saudi producer has privately told some market participants it plans to raise output well above 10 million barrels a day next month and could even reach a record 12 million barrels a day, according to people familiar with the conversations, who asked not to be named to protect commercial relations.
Oil prices have suffered massive drops each time that Saudi Arabia has launched a price war to drive competitors out of the market. West Texas Intermediate fell 66 per cent from late 1985 to March 1986 when the country pumped at will amid a resurgence of US oil output. Brent crude briefly dipped below $10 the barrel when the kingdom had the showdown with Venezuela in the late 1990s
roobarbie Monday, 09 March 2020 01:41 PM
Good learn your lessons you greedy lot
Prakash Rajan Monday, 09 March 2020 02:22 PM
Can SL gov reduce pries as well???
Hans perlee Monday, 09 March 2020 02:37 PM
So the petrol price will go down here? Ofcourse not
Sara Monday, 09 March 2020 03:20 PM
Day dreams. Srilanka government looters. Never happened
roland.boniface Monday, 09 March 2020 03:06 PM
The price will be reduced closer to elections as a timely reminder.
Johan Monday, 09 March 2020 03:12 PM
Why not the Govt.reintroduce Mangala's price formula So that the consumers will reap its benefits
What goes down must go up Monday, 09 March 2020 03:47 PM
If the prices don't come down in SL, you can order it on the internet.
Roger Haĺliday Monday, 09 March 2020 04:57 PM
How can Sri lanka reduce prices cos if they do that the thieves at the house in the lake will suffer. So please think who is more important?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
Tax Payer Tuesday, 10 March 2020 12:49 PM
The Govt. should not blindly reduce prices. The CPC is stated to be in the Red. Is it not the opportune moment for it to settle all it's debts and break even before thinking of anything else?
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