NEW DELHI: International benchmark Brent wilted to $31\/barrel \u2014 the lowest since the 1991 Gulf War but later recovered some ground to trade at $36.45 \u2014 under the impact of Saudi Arabia\u2019s first salvo in its oil price war with Russia and a negative demand outlook from the International Energy Agency (IEA).
\nMonday was the first trading day after Saudi-led OPEC and Russia, its ally since 2016 in propping up prices, parted ways on Friday over the former\u2019s proposal to deepen the current production cut to 3.6 million barrels per day (bpd), or 3.6% of the current daily global supply. Riyadh hit back with deep price discounts of $6-8\/barrel and announced intentions to pump up volumes to flood an already over-supplied market amid faltering demand due to economic impact of the coronavirus outbreak.
\nThe oil market was further spooked by the IEA\u2019s monthly outlook for March, which was prepared before Riyadh and Moscow split, saying demand will fall this year for the first time since the global financial crisis of 2009 as the coronavirus outbreak slows down economic activities in more and more countries. <\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: International benchmark Brent wilted to $31\/barrel \u2014 the lowest since the 1991 Gulf War but later recovered some ground to trade at $36.45 \u2014 under the impact of Saudi Arabia\u2019s first salvo in its oil price war with Russia and a negative demand outlook from the International Energy Agency (IEA). Monday was the first trading day after Saudi-led OPEC and Russia, its ally since 2016 in propping up prices, parted ways on Friday over the former\u2019s proposal to deepen the current production cut to 3.6 million barrels per day (bpd), or 3.6% of the current daily global supply. […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-341448","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/341448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=341448"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/341448\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=341448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=341448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=341448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}