WHAT HAPPEND TO THE OIL OF AMERICA ?

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1- WHAT HAPPEND THE OIL OF AMERICA ?

The price of US crude for May turned negative on Monday - something that has never happened since oil futures began trading on the New York Stock Exchange in 1983. It was easily the worst day on the oil market.
On Monday, the price of US crude oil futures collapsed, bringing the price of a barrel to less than minus $ 37, for the first time in history.
US crude for June delivery is still above $ 20 a barrel - but even this is catastrophic.
Artam Abramov, head of shale oil research at Rystad Energy, said: "$ 30 is really bad, but once you reach $ 20 or even $ 10 it becomes a complete nightmare."
During good times, oil companies assume a lot of debt. This means that some of them will not be able to survive this historic downturn.
In a $ 20 barrel oil environment, 533 U.S. shale prospecting and production companies will file for bankruptcy by the end of 2021, according to Rystad Energy. The company estimates that when the price of a barrel is $ 10, there will be more than 1,100 bankruptcies.
The startling aspect of the record drop in oil prices is that it comes after Russia and Saudi Arabia agreed to end the epic price war after President Donald Trump's intervention. The OPEC + group agreed to reduce oil production by a record.
Trump said that the OPEC + agreement would provide countless jobs and stability in desperate need of an oil correction.
Trump said on April 12: "This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz."
However, crude oil continued to collapse, partly because production cuts will not begin until May. While the demand for oil has disappeared because the planes, cars and factories have been marginalized by the coronavirus.

2- WHAT ARE THE REASONS FOR THE LOW OIL PRICES IN AMERICA  : 

The Saudi international oil expert and consultant, Dr. Muhammad Surur Al-Sabban, revealed the reasons for the historic collapse in US oil prices that occurred late Monday, as the futures contracts for the American "NYMEX" crude for May delivery fell by 306% or 55.90 dollars and the New York session closed at -37.63 dollars For the barrel. And Brent crude futures for June delivery at settlement fell 8.9% or $ 2.51 and the London session closed at $ 25.57 a barrel.
Al-Sabban said in an interview with Al-Arabiya.net that the oil markets have a large surplus between what is present as commercial stocks with American companies or floating stocks in seas close to the shores of the United States.
Al-Sabban pointed out that this climate of oversupply coincides with the fact that the United 
States is suffering, like other countries in the world, from the severe deterioration that occurred in the global demand for oil, which was offset by a large supply of oil, and thus it is evident that this surplus pressures prices downward. Severe.
Al-Sabban considered that what the OPEC Plus coalition did was not sufficient to withdraw the surplus from the oil market, and it was supposed to join this alliance in reducing oil production by America, Norway, Canada and Brazil, but they have not yet done so and America has continued to pretend that its production will decrease By default, this is not a pledge and is based on the assumption that current US oil prices will continue at the same pace until the end of the year.

                                                      


3- DOES THIS DECLINE THE US ECONOMY ?

Roger Dow, President and CEO of the American Travel Association, affirmed that the United States, like the rest of the world, has suffered heavy economic losses since the outbreak of the Corona virus.
The US news network "CNN" quoted Dow as saying that the American economy has incurred losses amounting to 800 billion dollars so far, including 355 billion dollars in the auto industry alone. Dow pointed out that the Corona crisis will increase the unemployment problem in America, about 4.6 One million workers in the travel industry will lose their jobs.
United Airlines CEO Oscar Munoz, in turn, said the current economic crisis is worse than the economic crisis caused by the events of September 11th.


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