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The Crossroads of Special Operations

Thursday, June 17, 2021

Oil prices plunge by a third after Saudi Arabia launches output war | Reuters

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Saudi Arabia has increased output in the oil industry in order to increase their market share in light of the coronavirus. The official selling prices have been slashed, and crude oil output is set to increase. Value has already fallen between 22% and 33% for Brent and U.S. West Texas Intermediate. The low prices are expected to last for a few months depending on how the virus continues to impact society. Other markets have been hit with a decline in value as well, especially those in countries with the highest coronavirus cases.

Source: https://www.reuters.com/article/us-global-oil/oil-prices-plunge-by-a-third-after-saudi-arabia-launches-output-war-idUSKBN20V131

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