On 15 February 2020, the International Energy Agency forecasted that demand growth would fall to the lowest rate since 2011, with full-year growth falling by 325,000 barrels per day to 825,000 barrels per day, and a first quarter contraction in consumption by 435,000 barrels per day. Effects were felt outside of oil prices and stock markets as well; following the announcement, the Russian ruble fell 7% to a 4-year low against the U.S. Italy's FTSE MIB suffered the largest drop in percentage, with the index falling 11%. , It is confirmed that both Russian and Saudi officials deny the existence of a price war against each other or any other country. , Prior to opening on 9 March 2020 (Monday), the Dow Jones Industrial Average futures market fell over 1,300 points and suspended trading as a result due to a combination of coronavirus concerns and the oil price war.  Mexico proposed to cut its oil production by 100,000 bpd for two months, from 1.781 mbd to 1.681 mbd.  The price war is one of the major causes and effects of the currently ongoing global stock-market crash.  On 10 March, Saudi Arabia announced that it would increase its production from 9.7 million barrels per day to 12.3 million, while Russia planned to increase oil production by 300,000 barrels per day. , Saudi Aramco announced a cut in capital expenditures from $35–40 billion planned to $25–30 billion.  The price became negative on 20 April. The Russia–Saudi Arabia oil price war of 2020 is an economic war triggered in March 2020 by Saudi Arabia in response to Russia's refusal to reduce oil production in order to keep prices for oil at moderate level. In the US, Whiting Petroleum Corporation, which produced 120,000 barrels per day, was the first major producer to declare bankruptcy due to the oil price crash. saudi arabia vs egypt in a war?  Even with a 10 million bpd cut, the International Energy Agency estimated that global oil stockpiles will still increase by 15 million bpd. , On 20 April the price of WTI oil for May delivery (expiring on 21 April) fell into negative territory (-$37/bbl) for the first time in recorded history due to depressed demand and insufficient storage capacity, particularly at the WTI  measuring location in Cushing, Oklahoma where pipelines meet and working capacity is around 76 million barrels (technical storage capacity is 92 million barrels).  Consultancy Wood Mackenzie estimated that with Brent at $25/barrel, 10% of oil production globally would not be able to cover its base operating cost, particularly heavy crude oil producers such as Venezuela, Mexico and oil sands in Canada, where the price dipped below $5 per barrel. Iraqi and Kuwaiti oil producers also announced price discounts to their buyers, though Iraq's discount was lower than that of Saudi Arabia's. Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. , Earlier in February 2020, the Trump administration had put sanctions on Russia's largest oil company Rosneft. Saudi Arabia supported terrorists (Jaish al Islam) and more curcially provided weapons to many groups in Syria before in its proxy war against Iran. Qatar still does.  Russia walked out of the agreement, leading to the fall of the OPEC+ alliance. IEA's director, Fatih Birol, stated that 50 million jobs related to oil refining and retail was at risk globally. This economic conflict resulted in a sheer drop of oil price over the spring of 2020. Yahoo fait partie de Verizon Media. ", "Russia says there is no oil price war with Saudi Arabia", "OPEC Tries to Head Off Oil Glut as Coronavirus Saps Demand", "Exclusive: Russia to OPEC – deeper oil cuts won't work", "US oil price below zero for first time in history", "Ruble Tumbles, U.S. Shares Plunge After OPEC-Russia Deal Collapse", "Markets start to bounce back after steep losses", "Oil jumps more than 10% one day after sharpest decline since 1991, amid hopes for continued OPEC talks", "Saudi Arabia steps up oil price war with big production increase", "The Sad Truth About The OPEC+ Production Cut", "Saudi Aramco doubles down on output hike as price war intensifies", "Oil prices hit lowest level in 17 years as demand plunges", "Special Report: Trump told Saudi: Cut oil supply or lose U.S. military support-sources", "Putin says oil supply cuts possible if all major producers take part", "IEA's Birol: Oil refining and retail industry risks losing 50 million jobs worldwide", "Oil prices march higher as OPEC calls for emergency meeting on Monday", "OPEC+ Meeting to Be Delayed on New Saudi, Russia Rift", "Saudi Arabia, Russia Agree to Record Oil Cut Under US Pressure as Demand Crashes", "OPEC estimates the drop in oil demand in 2020 at 6.8 million barrels per day | MbS News", "Mexico proposes 100,000 bpd oil output cut at OPEC meeting", "México en el consenso para estabilizar el precio del petróleo en la reunión de la @OPECSecretariat ha propuesto una reducción de 100 mil barriles por día en los próximos 2 meses.
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