The Abu Dhabi National Oil Company said it attracted significant capital from Global Infrastructure Partners, Brookfield Asset Management, GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam.
Oil demand has plummeted by about 30% this year. According to Goldman Sachs analysts, it may stay weak in 2021 as well, especially if the second coronavirus wave takes place.
The Brent price has now crashed to its lowest point in over 20 years, as the oil market continues to depreciate. Just recently, the WTI futures have fallen below zero for the first time in its history.
The price of Bitcoin has fallen under $7,000 in response to the serious crash of WTI oil futures price.
The Dow Jones lost nearly 600 points at the start of the week. This comes as U.S. lawmakers are set to determine further stimulus measures for the economy. President Trump has also recently announced a temporary suspension in immigration.
In a massive single-day crash, the WTI futures of the U.S. oil market made its historic low going negative up to -$37 per barrel. This happened amidst U.S. oil reserves coming to the maximum capacity due to the demand slump caused by COVID-19.
Oil benchmarks in the U.S. hit a two-decade low on Sunday after the brewing uncertainty of storage for excess oil. The frozen economic activity has plunged the demand for oil worldwide.
U.S. President Donald Trump told CNBC that he had talked to his counterparts in Russia and Saudi Arabia to work out a solution for the crashing oil markets. Saudi Arabia has called for an “urgent” meeting between OPEC and its allies. Oil price went up.
Oil prices seem to get better after a horrible week. OPEC may resume pumping the markets with fresh oil.
UK-based oil and gas company BP is experiencing not the best times at the moment as well as the industry in general. The net profit in 2019 was 21% lower than in 2018.
Global prices of crude oil have jumped shortly after major Saudi oil processing plants took several hits from drone attacks. Analysts believe that this attack will like cause serious issues in global crude oil circulation.