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Can someone explain to an newbie like me why supply has not matched demand? Is this the result of contacts to buy oil that predated the price crash?
by teruakohatu 7y ago
Can someone explain to an newbie like me why supply has not matched demand? Is this the result of contacts to buy oil that predated the price crash?
- Analemma_ 7y agoThe Saudis launched a price war just as the coronavirus struck and ramped up production to try and squeeze Russia and/or American shale producers (depending on who you ask). Like most people, they had no idea how hard the virus was going to tank demand and so we ended up with a huge oversupply. Supposedly Trump brokered a deal to get everyone to cut production, but that doesn’t kick in until May 1st.