Brent oil fell this morning below levels of $ 30 a barrel, and US oil fell below $ 20 a barrel, in a violent fall, despite the OPEC agreement.
After a painful month that oil traders went through last March, they thought that the pain ended with OPEC reaching a historic agreement that is the largest of its kind, and will wipe out global production by 10%. But none of the expectations were true.
The market suffers from a strong glut, and disputes continue to wait for a free market, despite everything.
In Texas, the US oil capital, and before the OPEC + meeting, a number of producers expressed that this deal was not appropriate to the nature of their work, and that if the Texas Railroad Authority imposed any restrictions similar to OPEC, all drilling activities would cease.
On Tuesday, observers were surprised when they heard from the chief financial officer of Diamond Energy that the company was considering launching a war if it had been forced to cut production.
The industry is deeply divided over the proposal, although the global market suffers from a glut, amounting to 700 million barrels, according to Citigroup estimates. Corona literally eliminated oil demand.
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