The virus is a double whammy that is going to destroy significant demand for several months, so double the hit to all countries already affected by the Saudi's flooding the market with oil.
The Saudis are in the strongest position to maintain their oil industry, much stronger than the Ruskies.
The Yanks probably a close 2nd, they will just not drill any more new shale oil wells and let the existing ones peter out over the next few months as they would have done anyway.
When the oil market bounces back, they will be able to resume re-supply the quickest apart from a couple of middle east players as a shale oil well only takes about 6 weeks to drill and bring online.
The virus is a double whammy that is going to destroy...
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$1.99 |
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| Open | High | Low | Value | Volume |
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| Last trade - 11.18am 24/05/2024 (20 minute delay) ? |
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Change
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| Open | High | Low | Volume | ||
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| Last updated 11.38am 24/05/2024 ? | |||||
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