A good little video from Al Jazeera explaining the oil price war – except for the ending which ridiculously suggests that oil can somehow be replaced with “wind energy”.
What’s behind Saudi Arabia’s oil price war? pic.twitter.com/F7IQr4v7Ew
— Al Jazeera English (@AJEnglish) March 13, 2020
For a more in depth take on the situation see the article by 21st century Wire:
Joint Russia-Saudi Oil Price Move Could Crush a Fragile Fracking Industry in U.S.
The Stock Market is melting down and it has only just started
As Gregory Mannarino indicates it is all linked to the virus. At least that is what they want you to think while they rob you. However, Russia is also putting the boot in by not cutting oil production. Prices are being driven down.
“The Kremlin has decided to sacrifice OPEC, stop U.S. shale producers and punish the U.S. for messing with Nord Stream 2.”https://t.co/iWqhmav02a
— Henry Makow (@HenryMakow) March 7, 2020
— Henry Makow (@HenryMakow) March 8, 2020
Russia refuses to bend to Saudi wish for output cuts https://t.co/E1WDdQRXzW
— Henry Makow (@HenryMakow) March 7, 2020
Russia’s costs are close to $20 per barrel break-even point; Saudis need something closer to $85 per barrel.
— Henry Makow (@HenryMakow) March 7, 2020
Russia just told the world “No”, it will not cut production to save them.https://t.co/g1RkFWrQ5Q