O/T Oil prices

[Cannylad]

Anyone notice the crash in the oil prices ? The DE is reporting 1 cent / barrel, don't expect a huge drop in petrol prices though.

[Jammy89]

Aye.

Almost a pound a litre at my local Tesco, hasn't been that low in years.

[Cannylad]

Where I am right now it's the equivalent of about 48p, last week it was about 40p / litre ?

[Zippity]

At my local garage, I asked if I could pay more just so the drop wouldn't hit our new owners too hard.

[Ragatino]

The Saudi's have a 2030 vision which is to diversify away from O&G dependency.

The Price of oil is down due to the global lockdown and Russia making a political powerplay with the Saudi's.

The Russians and Saudi's have agreed a reduction in production (per barrel) to maintain a reasonable price.

However you have to remember that the Saudi's have Billions invested in other business sectors so I wouldn't worry too much.

[Cannylad]

[quote=zippity;39481478]at my local garage, i asked if i could pay more just so the drop wouldn't hit our new owners too hard. [/quot

[Scott Kirkland]

The Saudi's were trying to crash the American shale oil industry. Nothing to do with the Russians.

[Kal]

The Saudi's were trying to crash the American shale oil industry. Nothing to do with the Russians.

Well, it looks like they (and the Chinese) have succeeded !