Global benchmark plummets to as low as US$31.02 a barrel as experts warn prices could fall further. FMTNews Oils
SINGAPORE: Oil markets tumbled more than 30% 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.
It will hit the budgets of oil-dependent nations from Angola to Kazakhstan and could also reshape global politics, eroding the influence of countries like Saudi Arabia. Aramco’s unprecedented pricing move came just hours after the talks between Organization of Petroleum Exporting Countries and its allies ended in dramatic failure.
West Texas Intermediate fell 66% from late 1985 to March 1986 when the country pumped at will amid a resurgence of US oil output. Brent crude briefly dropped below US$10 a barrel when the kingdom had a showdown with Venezuela in the late 1990s. While the price crash was dramatic, for oil specialists the movements in time-spreads, options and volatility are just as remarkable.
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