Analysts warn that the price of crude oil could reach up to USD 20 dollars per barrel.
The night of this Sunday, March 8, the price of oil worldwide plummeted in the US, European and Asian markets due to the failure of the Organization of Petroleum Exporting Countries (OPEC) to reach an agreement on the reduction of production and because of the high rate of spread of the coronavirus.
According to several US media, oil prices have recorded their worst decline since 1991 and the average decline is 30%. Recently the price of crude oil fell to USD 32 dollars per barrel, while Brent crude, world reference, also fell to USD 35 dollars per barrel.
This originated last week when the Organization of the Petroleum Exporting Countries, led by Saudi Arabia and Russia, failed to reach an agreement to reduce production and support prices, in a context of falling demand for the coronavirus.
After this failure of the negotiations, Saudi Arabia decided on Sunday the biggest cut in its barrel prices in 20 years, also causing a storm in the markets.
According to analysts at Goldman Sachs Group Inc, this trade war between OPEC and Russia has begun a war of oil prices that could bring oil at an average price of USD 20 dollars per barrel.
Source: CNN – El Mundo – FIDES
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