“Oil markets are in a state of shock this morning as the fallout from last Friday’s OPEC+ meeting took a turn for the worst this weekend,” noted Rabobank commodities strategist Ryan Fitzmaurice. Key quotes “The Saudis announced extreme measures on Sunday in response to Russia’s unwillingness to participate in deeper supply cuts by drastically slashing “Official Selling Prices” (OSPs) to Asian refiners for April, thereby kicking off a three-way market share war between the US, Russia, and Saudi Arabia. For clarity, the Saudis and other Middle East producers choose to sell their barrels on a formula basis and as a discount or premium to global benchmarks rather than in the spot market.” “Looking forward we see notable headwinds for oil prices in the current environment as oil supplies are expected to meaningfully increase in the near-term, large speculators are likely to remain net “sellers”, and the forward curve moves deeper and deeper into “contango” as a result.” “It is worth noting, however, that large speculators had largely “capitulated” on “long” positions prior to this week’s historic price decline which should result in less selling pressure on the margin than if speculators were a big “long” preceding the decline. It would also not surprise us to see an emergency OPEC+ meeting called if prices remain at these levels for a sustained period of time.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Moody’s assessment of Fed’s potential reaction to the current financial market condition FX Street 3 years "Oil markets are in a state of shock this morning as the fallout from last Friday’s OPEC+ meeting took a turn for the worst this weekend," noted Rabobank commodities strategist Ryan Fitzmaurice. Key quotes "The Saudis announced extreme measures on Sunday in response to Russia’s unwillingness to participate in deeper supply cuts by drastically slashing “Official Selling Prices” (OSPs) to Asian refiners for April, thereby kicking off a three-way market share war between the US, Russia, and Saudi Arabia. For clarity, the Saudis and other Middle East producers choose to sell their barrels on a formula basis and as a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.