In the past two weeks, analysts have cut their global oil demand forecasts by a staggering 225%. Never in history has the world experienced such a massive reduction in global oil consumption. The situation in the world oil industry is changing so fast; the market hasn’t fully digested the tremendous damage taking place. Even though public announcements of “10 million barrel per day oil production cuts” positively impacted the oil price last week, there haven’t been any official agreements on curtailing production. Then there was this article on Zerohedge yesterday; After Record Rally, Oil Faces Collapse As New Feud Erupts Between Saudis And Russia; Monday OPEC+ Meeting Cancelled : In any case, Saturday’s direct criticism of Putin was echoed in a statement by Energy Minister Prince Abdulaziz bin Salman, and threatened any fleeting hope of an agreement to stabilize the collapsing oil market after President Trump devoted hours of […]