Crude price plummet raises spectre of spending cuts, job losses in Canadian oilpatch | CBC News
Moscow said on Monday it could withstand oil prices of $25-$30
US per barrel for 6-10 years. Riyadh, meanwhile, can afford oil at $30
US a barrel, but would have to sell more crude to soften the hit to its
revenue, according to Reuters sources familiar with the matter.
US per barrel for 6-10 years. Riyadh, meanwhile, can afford oil at $30
US a barrel, but would have to sell more crude to soften the hit to its
revenue, according to Reuters sources familiar with the matter.
The
impact of the coronavirus might even be more difficult to predict, with
stresses on the health-care system, consumer behaviour, trade and the
global economy. All those things will affect oil consumption, as
demonstrated by the steep drop in oil demand in China so far.
The International Energy Agency said this week that it expects global demand to drop this year for the first time since the financial crisis in 2008/2009.