US should join Opec market management amid grim prospects for oil demand
Intervention is needed in price war between Russia and Saudi Arabia that has left America’s oil drillers reeling
22 March 2020 - 16:53
New York — The forecasts for oil demand are grim. Analysts from Goldman Sachs to Macquarie and commodities trader Trafigura estimate the peak hit to global demand will be anywhere from 8-million barrels a day to 11.4-million.
Consultancy IHS Markit says global oil markets face the possibility of the biggest crude surplus yet recorded. That is too big for any single producer, or small group of producers, to deal with alone. And it has become painfully clear that they have no appetite to do so anyway...
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