Oil Companies Forced To Renegotiate Deals Or Risk Losing It All

Oil Companies Forced To Renegotiate Deals Or Risk Losing It All

OilPrice.com

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On April 20, the West Texas Intermediate crude benchmark did not just fall below zero, it plummeted to negative $37.63 a barrel. This stunning price crash was the result of a months-long series of unfortunate events, starting with a global decrease in oil demand spurred by the spread of COVID-19. When the leading OPEC+ countries of Saudi Arabia and Russia initiated talks to decide on a strategy to contend with the global slump in oil demand, the talks quickly developed into disagreement and then an all-out oil price war. That price war led to a…

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