The Oz Report, a near-daily, world wide hang gliding news ezine, with reports on competitions, pilot rankings, political issues, fly-ins, the latest technology, ultralight sailplanes, reader feedback and anything else from within the global HG community worthy of coverage. Hang gliding, paragliding, hang gliders, paragliders, aerotowing, hang glide, paraglide, platform towing, competitions, fly-ins. Hang gliding and paragliding news from around the world, by Davis Straub.

logo
The
 Oz Report
email
?
older newer
March 9, 2020, 8:48:58 EDT

Cheap Hotel Rooms for the Pan-Americans?

Saudi Arabia to flood the crude oil market

Pan-Americans 2020

https://www.nytimes.com/2020/03/08/business/saudi-arabia-oil-prices.html?action=click&module=Latest&pgtype=Homepage

Saudi Arabia slashed its export oil prices over the weekend in what is likely to be the start of a price war aimed at Russia but with potentially devastating repercussions for Russia’s ally Venezuela, Saudi Arabia’s enemy Iran and even American oil companies.

The effects were quickly felt, as the Brent global oil benchmark price collapsed by about $10 a barrel, or over 20 percent, late Sunday in the sharpest decline since at least 1991, and stock market futures fell by about 3 percent.

The Saudi decision to cut prices by nearly 10 percent on Saturday was a dramatic move in retaliation for Russia’s refusal on Friday to join the Organization of the Petroleum Exporting Countries in a large production cut as the coronavirus continues to slow the global economy and, with it, demand for oil.

Low oil prices, now about $36 a barrel for Brent crude, the international benchmark, and about $32 for West Texas Intermediate, the U.S. marker, could also stoke public discontent with governments, including Saudi Arabia’s, as falling revenues mean less money for social and other programs used by governments to bolster support.

Saudi Arabia is the world’s largest oil exporter and has been producing about 9.7 million barrels a day, well under its roughly 12 million-barrel-a-day capacity.

Whether producing more oil will help the kingdom is another question. There is no easy cure for the predicament that Saudi Arabia and the rest of the oil industry face. The world is awash in oil, analysts say, and demand will probably continue to decline.

The prospect of more oil on the market could accelerate the collapse in prices, which have fallen about a third this year.

But OPEC’s intention in 2014 of undercutting American and other producers backfired and reduced its share of the market. American oil companies managed to increase production anyway, as they became more efficient at drilling through shale and investors continued to pour money into their enterprises. This time may be different, though, because Wall Street has grown tired of sluggish oil investment returns and the high debts of many small and medium-size companies..

https://airtribune.com/2020-pan-american-championships/info/details__info

Discuss "Cheap Hotel Rooms for the Pan-Americans?" at the Oz Report forum   link»


  ‹@
contact email list
Wills Wing
Flytec
Social Responsibility
Learn to Fly
Last Seven Issues
Back Issues
Goodies
Store
Cloudsuck
Support Us
Subscribe
Classified ads
Advertise
Forum
Calendar
Site Guide
Resources
Web Services
Facebook Page
Facebook Group
Facebook Community
Facebook Events
Blog
Google Earth
Coverage
Other blogs
Other forums
Mainstream news
Memorials
RSS & OPML
privacy policy
play Pilotle (mobile)
web proxy

How to subscribe to (support) the Oz Report



You can send $20 or more for a yearly subscription / donation. To pay for your subscription with your credit card or PayPal account:



If you'd rather just send a check for $20 or more, please feel free to do so. The mail gets forwarded to me wherever I'm at.

Payable to:

Davis Straub
PMB 1889 PO Box 2430
Pensacola, FL 32513

Thanks for your support by subscribing to the Oz Report.

Oz Report Hang Gliding Discussion group

Want to discuss hang gliding? You can join the Oz Report hang gliding forum. Click Oz Report Hang Gliding Discussion Group.

Subscribing and Unsubscribing to the e-mail version

You are in charge of your e-mail subscription to the Oz Report. If you wish to unsubscribe or subscribe, click: Subscribe.

Credits

Gerry makes the Oz Report portal much smarter. He is a web consultant and a PHP expert. He's the brains behind the Oz Report, so contact him for PHP programming services. David Glover heads up the Oz Report Radio

To view the Oz Report on the web click Oz Report.

If you want to send in an article to be published in the Oz Report, send it to me here.

Davis Straub
Oz Report