Russia and Saudi Arabia are “very, very close” to a deal to cut oil production and settle the oil price war
How Low Can Oil Go? One Forecast Sees $5 a Barrel
3-19-20, Bloomberg --Oil traders struggling to navigate one of the biggest oil crashes in history say the worst is yet to come. Even after plunging about 60% this year to the lowest since 2003. Eighteen of 20 oil and products traders recently surveyed see Brent falling to $20 a barrel or lower, with West Texas Intermediate seen $3 to $5 below that.
The Oil Price War
4-6-20, The Washington Times -- The oil price war between Russia and Saudi Arabia has rocked global markets, the head of Russia’s sovereign wealth fund RDIF recently said. Since the coronavirus outbreak, oil demand has plummeted by roughly 20 million barrels per day — almost a third of its standard traffic — and oil prices have fallen over 60% since the beginning of the year as both Saudi Arabia and Russia have opened wide their pipelines. CEO of the Russian Direct Investment Fund Kirill Dmitriev told CNBC that “the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close.”
50% of Fracking/Shale Companies in US Heading for Bankruptcy
3-14-20, VeteransToday.com -- A decade ago, the shale industry barely existed, and falling oil prices cushioned the blow to the US economy by making energy cheaper. Today, an oil market bust could pretty quickly plunge Texas, North Dakota and Appalachia, among other places, into a recession.
Oil Companies on Tumbling Prices: 'Disastrous, Devastating
3-31-20, NYTimes -- With the coronavirus pandemic all but eliminating travel and commutes ... And American oil companies are dropping rigs, dismissing fracking crews; production are expected to fall in 2020 by $100 billion, or 17 percent below ... Trent Latshaw, president of Latshaw Drilling, an oil service company active in Texas and Oklahoma said: “The picture looks bleak,” said with only 10 of its 41 rigs currently deployed. “We have never had this situation where you have a huge increase in supply and a huge decrease in demand at the same time. Oil prices are down to $20 a barrel, and we don’t know where the bottom is.”
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Proverbs 31:10, 28; Matthew 13:46
2-12-21, When we look at the truth of God and His requirement for salvation we realize there's only two 'religions.' WORKS or FAITH': Whether it be Catholicism, Judaism, Islam, Mormonism that all preach doing certain 'works' to achieve forgiveness and eternal life with God; OR FAITH: repentance and trust in the finish work of Jesus living for Him. Ephesians 2:8-10, John 3:36.
✝️ 6-8-20, Jesus is God; He came to save sinners. “For He [Jesus] Whom God sent speaks the words of God: The Father loves the Son & has given all things into His hand. He that believs on the Son hath everlasting life & they that believes not the Son shall not see life; but the wrath of God abideth on them.” John 3:34-36
✝️ 6-7-20, The Lord □ Jesus spoke from the cross first of forgiveness, salvation then of His Mother's care into John's hands. He spoke of being forsaken & then triumph as His task as human was complete shedding His perfect blood for the forgiveness of sins to all who repent believing in Him. His body was thirsty. And last of His reunion with the Father. Matthew 27:46; Luke 23:34, 43, 46; John 19:26-28, 30; Mark 15:34
✝️ 5-7-20, Sins □ Jesus Harshly Condemns; He said, “God knows our hearts: for that which is highly esteemed among men is abomination in the sight of God. V9 For all those who exalt themselves will be humbled, and those who humble themselves will be exalted.” [Pride] Luke 16:15, 18:9-14; Hebrews 1:8-9
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