Oil prices in world markets witnessed a decrease of about 31% during Monday’s trading, as oil prices recorded the largest losses since the outbreak of the Gulf War in 1991, as this drop in prices came as a result of the failure of the OPEC Plus agreement on deepening production cuts, as well as a result Because of the weak global demand for oil resulting from the outbreak of the Corona virus, in the same context, international gas prices have witnessed a significant decrease. The following are gas prices and oil prices, which were as follows ..
1- The price of gas in the United States was $ 1.63 per million British thermal units.
2- The price of LNG supplied to Europe scored about 4.20 million British thermal units.
3- The prices of liquefied natural gas in Asia recorded 3.20 dollars per million British thermal units.
As for oil prices, they were as follows.
1- Brent crude scored 31.02 dollars a barrel.
2- WTI scored $ 27.34 a barrel.
According to international media reports, today’s transactions witnessed expanded sales by investors after the shock caused by the failure of (OPEC +) to reach a decision on deepening production cuts due to the opposition of Russia, which considered it premature to assess the risks of (Corona) to global demand rates. , Which prompted international institutions such as (Goldman Sachs) to warn about falling prices for the black metal below the level of $ 20 a barrel.
While the US “Bloomberg Agency” saw that what it described as a catastrophic collapse in oil prices will reflect on the global energy industry in general and harm global economies dependent on its oil revenues, and will cause a restructuring of the shape of global policies due to the economic and political implications.