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oil demand picture we have witnessed in a long time with a simultaneous collapse in jet fuel, gasoline, shipping fuel, petrochemicals, and oil used for power generation." key background: the all-out price war between two oil-producing giants, russia and saudi arabia, began in earnest a little less than
russia did not agree to the cuts, leading to speculation that it acted intentionally in order to drive prices down, gain market share and punish the growing american fracking industry. in response, saudi arabia's state-owned oil company, saudi aramco, announced that it would ramp up production to more than...
https://www.forbes.com/sites/sarahhansen/2020/03/18/oil-plummets-24-as-saudi-arabia-doubles-down-on-price-war-with-russia/