What’s going on? The International Energy Agency (IEA) cut its forecast for global oil demand, despite the recently announced vaccine. What does this mean? Oil’s price has been rising since Pfizer and BioNTech reported the success of their coronavirus vaccine trial, renewing hopes for an uptick in demand. But the IEA doesn’t expect demand to rise significantly till late…
Tag: OPEC
Ep 105: Cautious Optimism
What’s Going On Here? The price of oil had one of its best two-day climbs on record, as Russia and Saudi Arabia shuffled closer to elbow-shaking on an end to their price war. What Does This Mean? Both Russia and Saudi Arabia have been producing more oil than anyone needed, and with supply massively outweighing…
Ep 104: Feeling Faint
What’s Going On Here? The oil price suffered its biggest drop in almost 30 years, after Saudi Arabia unexpectedly flooded the market! What Does This Mean? Oil is caught in the middle of two at-odds countries right now. On one side, there’s Saudi Arabia – the biggest producer of the OPEC. And on the other, Russia…
with HT 