Oil prices have plunged to the lowest level since 2003. Brent crude futures fell $1.32 to settle at $28.73 on Tuesday. This is the first time the pair has settled below $30 per barrel since 2016. Global oil demand is expected to decline in 2020 for the first time since 2009, according to the IEA.
The Oil price war still continues
Saudi Arabia plans to boost its crude oil exports to more than 10 million barrels per day from May while burning less crude for power generation, the energy ministry said on Tuesday. On Monday, Saudi Aramco said that it would keep production elevated through May at least and that the company was “very comfortable” with oil at $30 per barrel.
The price of Brent crude oil, the international benchmark, extended its decline on Wednesday, trading below $28 per barrel.
Iraq calls for emergency OPEC+ meeting
To calm down tensions between Saudi Arabia and Russia as they head towards a price war. Iraqi oil minister, Thamer al-Ghadhban, asked OPEC to help “urgently achieve” extraordinary meetings of the OPEC+ group to “discuss all possible ways” to rebalance the oil market.