Topics matching Oil prices take such a big swing that US and Norway are still dazed


Oil prices take such a big swing that US and Norway are still dazed

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Oil prices take such a big swing that US and Norway are still dazed

Earlier this month, the world was shaken by the huge plunge of oil prices that occurred as a result of Saudi-Russia disagreement over oil output. The prices dropped by a staggering 20%, which marked the biggest fall for oil since 1991. The crash is, by definition and by stats, absolutely historic, and the effects are felt all over the world, especially in countries like the US and Norway, where oil reserves play a huge role in the country’s economy. The situation started getting tense after Saudia Arabia stated its intention to drastically increase its oil production to 12 million barrels per day, from its at-the-time number of 9.7 million. This would be “just” 0.5 million barrels shy of its maximum capacity of 12.5 million barrels. The effects started being felt right after the publication of monthly pricing cuts by Saudi Arabia, insinuating a possible price war. Saudi Arabia had attempted to convince Russia to decrease its oil production before as well, threatening to severely decrease oil prices, by around

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