국제유가 또 폭락, 18년 만에 최저로…사우디, 미국 압력에도 4월부터 산유량 증산 계획
A bitter oil price war between Saudi Arabia and Russia…. combined with a coronavirus pandemic sapping demand… have caused oil prices to slump to a low not seen in almost 20 years.
In fact, to give you some context, a barrel of oil is now worth less than one delivery pizza would cost you in South Korea.
Yoon Jung-min tells us more.
U.S. West Texas Intermediate crude slipped more than six percent Monday, settling at just over 20 U.S. dollars a barrel a low not seen since February 2002.
Brent crude was down over 8-percent to some 22-dollars a barrel also a 18-year-low.
This, as mandated shutdowns over the coronavirus pandemic are taking a wrecking ball to demand for fuel and as Saudi Arabia and Russia engage in a bitter oil price war.
An official at Saudi Arabia’s energy ministry said Monday that the kingdom plans to boost oil exports from May as domestic consumption has fallen because of the outbreak.
Riyadh had already announced it will sharply increase its oil production,… after a three-year deal collapsed this month between OPEC and other producers, led by Russia.
Saudi Arabia has ordered its state-run oil company Aramco to supply some 12-point-3 million barrels a day from April.
Alarmed by the oil price war between the world’s top producers,… U.S. Secretary of State Mike Pompeo spoke with Saudi Crown Prince Mohammed bin Salman last week,.. to press him to refrain from upping oil production.
The State Department said Pompeo focused on the need to maintain stability in global energy markets.
According to the White House on Monday,… President Trump and his Russian counterpart Vladimir Putin spoke over the phone and agreed on the importance of global energy markets regaining a degree of stability.
Trump and Putin also agreed to work together to combat the COVID-19 pandemic.
Yoon Jung-min, Arirang News.
#COVID19 #Global #oil
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