The price war that erupted between Moscow, Riyadh and Washington threatens the world with the onset of the oil era by 20 dollars per barrel, the Japanese newspaper Nihon Keizai writes.
“Three pillars – The United States, Russia and Saudi Arabia – they started a debate about who would endure whom by putting the hegemony on the oil market at stake, and other oil-producing countries suffer from this. There are signs of bankruptcy everywhere. There are no prospects for price increases, ”the text of the article by RIA Novosti reports.
The newspaper notes that other oil producers, including Venezuela, Iran, and African OPEC members, will also be affected by this situation, which was superimposed on the coronavirus pandemic.
“At the same time, Russian President Vladimir Putin is closely watching American shale oil. It is unlikely that he will become closer to Saudi Arabia. While the trio are competing in who lasts longer, OPEC members can begin to break away from the organization, because they will not be able to maintain this pace, ”the publication said.
As a result, the newspaper said, OPEC could again become an organization that includes only the oil-producing countries of the Persian Gulf.
On Thursday, the price of Brent crude oil decreased by 0, 62%, amounting to 27, 22 dollar per barrel due to growing fears for a drop in demand amid coronavirus.
The newspaper VIEW wrote how the coronavirus will change the world oil market.
Article Tags: Daily News