"The great price collapse of 2020 will topple companies and transform states."
"If oil has been laid low by the coronavirus, then the nations whose economies most depend on it might soon be on ventilators. By any prognosis the great oil price collapse of 2020 has pushed the world’s most volatile commodity into Code Blue.
No one expects oil, its peddlers or consumers to emerge wealthier or wiser from this crisis. Oil company bankruptcies, already happening before the pandemic, will escalate. And more petro states will begin to stumble, like Venezuela, down the rabbit hole of collapse.
The pandemic, combined with suicidal overproduction and a brief price war between Russia and Saudi Arabia, has reduced oil consumption and revenues on a scale that is mindboggling."
Andrew Nikiforuk reports for The Tyee April 18, 2020.
SEE ALSO:
"US Oil Price Plunges To 20-Year Low As Coronavirus Hits Demand" (Financial Times)
"Demand For Oil Has Plummeted, But Industry Keeps Building New Infrastructure Anyway" (HuffPost)
