{"id":343939,"date":"2020-03-28T11:22:40","date_gmt":"2020-03-28T05:52:40","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=343939"},"modified":"2020-03-28T11:22:40","modified_gmt":"2020-03-28T05:52:40","slug":"with-world-running-out-of-storage-crude-oil-prices-in-tailspin","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/with-world-running-out-of-storage-crude-oil-prices-in-tailspin\/","title":{"rendered":"With world running out of storage, crude oil prices in tailspin"},"content":{"rendered":"<p>NEW DELHI : Global oil prices continue to be in a tailspin amid nationwide lockdowns to stop the coronavirus (COVID-19) pandemic and a deluge of production from Saudi Arabia and Russia.<\/p>\n<p>With a slowing world economy, the West Texas Intermediate (WTI) touched recent record low of $21.51 per barrel on Friday, while the international benchmark Brent traded at $27.95 per barrel, far below the highs of $147 per barrel of July 2008.<\/p>\n<p>Despite pressures from the Donald Trump administration to reach a compromise with Russia, Saudi Arabia continues with its surplus production targets. Growing concerns over the COVID-19 outbreak and a growing glut from producers such as Saudi Arabia, the United Arab Emirates and Russia have roiled global crude oil markets, with the build-up affecting US shale oil producers. Goldman Sachs expects crude prices to touch the $20 per barrel mark.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI : Global oil prices continue to be in a tailspin amid nationwide lockdowns to stop the coronavirus (COVID-19) pandemic and a deluge of production from Saudi Arabia and Russia. With a slowing world economy, the West Texas Intermediate (WTI) touched recent record low of $21.51 per barrel on Friday, while the international benchmark Brent traded at $27.95 per barrel, far below the highs of $147 per barrel of July 2008. Despite pressures from the Donald Trump administration to reach a compromise with Russia, Saudi Arabia continues with its surplus production targets. Growing concerns over the COVID-19 outbreak and [&hellip;]<\/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":[139,130,187],"tags":[],"class_list":["post-343939","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/343939","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=343939"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/343939\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=343939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=343939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=343939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}