Oil prices more worrying than the expansion of the Covid-19 for the financial markets? In any case, the fall of 30% in the price of black gold on Monday March 9 resulted in a chaotic day for all the world’s stock markets. Reason for this decline, the choice of Saudi Arabia to lower its prices. Before the start of the epidemic, China was the world’s largest importer of oil, with 14 million barrels per day. But for the past three months, the country has been at a standstill.
Friday, March 6, the oil producing countries had an appointment in Vienna, Austria, at OPEC headquarters to find an agreement to lower overall production. But no agreement is found. On the contrary, an oil war has broken out between Saudi Arabia, which wanted to regulate production, and Russia, which wants to continue producing as much. Result, the Republic announces that it will flood the markets, in order to plunge prices. With one victim, American shale oil, much more expensive to extract.
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