Saudi Cutting Oil Prices to Asia Shows Supply War Isn’t Over

April 20, 2020/in /by Rudolf Huber

If I was a Saudi Aramco manager I would want to get rid of all the oil I have in storage in my own country to create some breathing room for my own oil production when the crap hits the fan in May and even more in June. Anyone who does not have storage will have to shut in as an emergency measure. And there are wells that won’t come back once they are shut-in. This takes them off the market for good. While Saudis can still pump into their liberated tanks. Makes sense?

(Bloomberg) -- Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the…

finance.yahoo.com

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