So, OPEC, such as it is, decided that the Frackers in the USA were an undeserving lot of over extended nobodies worthy of no respect, much less cooperation. So, we will pump away and drive those dirtbags into bankruptcy.
So, on the run up to the COVID pandemic, the price of oil was driven into the toilet. WTI oil went negative on the futures market for a first in pricing history. Brent crude also took a dive, creating a a panic among oil drilling nations, especially those whose economy depends largely on oil prices. The Saudis knew that there would be some short term pain, but, no problem, we can handle
it. Russya, not so much. Iran, "Oh, it hurts. Iran: oh, please reconsider. The USA: we can be a major export nation, or can we. And then: Covid-19 arrived in Wuhan, then Italy, then the UK, then the USA(Seattle and NYC), then Korea, Japan(cruise ship), Canada, France, Germany, and on and on. Then: Lock down. No driving; no flying; no moving around at all. Fuel consumption reduced by 80%. Hmmmm. We don't need anymore gasoline; we don't need any jet fuel, we don't need diesel, we don't have a market anymore.
Ninety per cent of airline flights have been grounded. More than 50% of all commercial aircraft are parked on the aprons at various airline hubs around the world. Remember the 737 MAX? Who needs it? Nobody. MAX can be written off the books. There's no need for it anymore---anywhere.
We live in a new world; a different world.
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