It is in the discretion, by a simple press release and the dissemination of some souvenir photos, that OPEC celebrated its sixtieth anniversary on Monday.
The Covid-19 pandemic of course explains the absence of ceremonies for the thirteen member states of the Organization of Petroleum Exporting Countries, founded in 1960. But the state of the crude market does not encourage the countries of the Euphoric “cartel”.
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The oil markets disrupted by the pandemic
The price of a barrel of crude remains 40% below its value at the beginning of the year, at barely 40 dollars for Brent.
In April, the coronavirus, which froze demand across the world, had caused a fall of 70%, with this crazy and unprecedented episode of negative prices for US crude, WTI.
Faced with the collapse in consumption, investors, for a few hours, were ready to pay to get rid of volumes of oil in a context of saturated storage.
The accidental drop in demand could, however, herald the start of an irreparable decline.
This is what suggests
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