{"id":344202,"date":"2020-03-30T11:10:35","date_gmt":"2020-03-30T05:40:35","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=344202"},"modified":"2020-03-30T11:10:35","modified_gmt":"2020-03-30T05:40:35","slug":"oil-plummets-to-17-year-low-as-broken-market-drowns-in-crude","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-plummets-to-17-year-low-as-broken-market-drowns-in-crude\/","title":{"rendered":"Oil plummets to 17-year low as broken market drowns in crude"},"content":{"rendered":"<p>Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world\u2019s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude.<\/p>\n<p>Futures in London fell as much as 7.6% to the lowest since November 2002, while New York crude briefly dipped below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of virus restrictions eroding demand and a damaging war for market share between Saudi Arabia and Russia that has prices on track for the worst quarter on record.<\/p>\n<p>The kingdom said on Friday that it hadn\u2019t had any contact with Moscow about output cuts or enlarging the OPEC+ alliance of producers. Russia also doubled down, with Deputy Energy Minister Pavel Sorokin saying oil at $25 a barrel is unpleasant, but not a catastrophe for the nation\u2019s producers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world\u2019s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude. Futures in London fell as much as 7.6% to the lowest since November 2002, while New York crude briefly dipped below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of virus restrictions eroding demand and a damaging war for market share between Saudi Arabia and Russia that has prices on track for the worst quarter on record. The kingdom said on Friday that it [&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-344202","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\/344202","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=344202"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/344202\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=344202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=344202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=344202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}