Dramatic collapse of OPEC+ and the end of Saudi-Russian diplomatic camaraderie makes a bad situation worse for oil markets already weighed down by the coronavirus.
the latest race to the bottom of the barrel and bid for market share OPEC and its partners have sacrificed since 2016 in their efforts to provide an oil price floor.
Apportioned price cuts for lucrative markets in Asia were as high as $4-$6 per barrel and for U.S. importers by $7 per barrel, according an OSP communication shown to your correspondent by traders in Houston, making it the biggest ever price reduction made by Aramco. In addition, Saudi Arabia also signaled its intention to raise production in April to more than 10 million bpd. If reflected in aggregators' surveys, it would be the first such instance since May 2019.
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