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ICE Brent futures fell to $26.75 a barrel, the lowest front-month level since 2003, after Saudi Arabia instructed Aramco to keep supplying 12.3 million barrels per day. The move came amid a price war with Russia and the coronavirus pandemic.
Saudi supply expansion adds surplus crude during weak demand, keeping pressure on energy prices and reducing costs for energy-linked feed inputs.
spglobal.comJames Goldburn, Katie McQue18 Mar 2020Setelah 250 peristiwa geopolitik bearish sebelumnya, Minyak Mentah (Brent) bergerak median -3,1% selama 5 sesi (36% lebih tinggi; separuh tengah -7,9% sampai +1,6%), dan -5,5% selama 20 sesi.
Setelah 255 peristiwa geopolitik bearish sebelumnya, Minyak Mentah (WTI) bergerak median -2,4% selama 5 sesi (31% lebih tinggi; separuh tengah -7,0% sampai +1,7%), dan -5,0% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.
Brent hit a 16-year low on March 18 after Saudi Arabia told Aramco to keep supplying 12.3 mb/d amid the price war, a supply-side driver.
Brent hit $26.75 on Mar 18 after Saudi Arabia ordered Aramco to supply 12.3 mb/d, a supply-flood signal amid the price war and pandemic.
Saudi Arabia's decision to keep supplying 12.3 million bpd amid the Russia price war pushed Brent to a 16-year low, adding supply pressure.
