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Breaking news … Two reasons for the effect not to be seen in the short term are the contraction in demand and the low cut of 10 million. The spread of quarantines worldwide due to the coronavirus outbreak (Kovid-19) is weakening global demand for oil. The cut in OPEC production only eased the pressure on world oil reserves and stopped the drop in prices.
THERE ARE 27.4 MILLION SUPPLY
Others point out that 10 million barrels of daily cuts seems less compared to the rapid drop in global oil demand due to Kovid-19. Although it was pointed out that the cut in May and June by OPEC + was not enough to achieve the desired balance in the oil market, it was stated that the supply of 27.4 million barrels per day in the oil market is expected to happen this month.
Here’s the reason for the drop in world oil prices … Coronavirus will deepen the problem! | video
Even if non-OPEC + countries like the United States, Canada, Norway and Brazil reduce the total amount of crude oil production by 5 million barrels per day, the risk of over-supply of more than 10 million barrels per day continues in the world oil market.
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