The Russian’s have walked away from OPEC and set their sights on harming the US shale industry, prompting Saudi Arabia to retaliate with an all out price war. The large crude oil price correction over the weekend is likely only the beginning of a continued rout, according to analysts at TD Securities. Key quotes “It seems likely this price war could drag into the second half of this year, as both Saudi Arabia and Russia can withstand a negative price environment for some time.” “Given the weak state of demand, our model suggests that if Saudi Arabia lifts production by 1.2 million b/d to roughly 11 million b/d, the world would see inventories grow by some 225 million bbls for the remainder of this year.” “WTI and Brent prices could easily remain in the $30s or even drop into the $20s if Saudi Arabia pumps out crude oil at the maximum 12 million b/d.” 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 Coronavirus update: Italy, S. Korea and Iran report over 7000 cases, China situation improves FX Street 3 years The Russian's have walked away from OPEC and set their sights on harming the US shale industry, prompting Saudi Arabia to retaliate with an all out price war. The large crude oil price correction over the weekend is likely only the beginning of a continued rout, according to analysts at TD Securities. Key quotes “It seems likely this price war could drag into the second half of this year, as both Saudi Arabia and Russia can withstand a negative price environment for some time.” “Given the weak state of demand, our model suggests that if Saudi Arabia lifts production by… 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.
