Oil companies forced to renegotiate deals or risk losing it all ...United Arab Emirates

The oil price collapse is forcing potential buyers of oil and gas fields to try and renegotiate deals or otherwise abandon them entirely. On April 20, the West Texas Intermediate crude benchmark did not just fall below zero, it plummeted to negative $37.63 a barrel. This stunning price crash was the result of a months-long series of unfortunate events, starting with a global decrease in oil demand spurred by the spread of COVID-19. When the leading OPEC+ countries of Saudi Arabia and Russia initiated talks to decide on a strategy to contend with the global slump in oil demand, the talks quickly developed into disagreement and then an a

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Oil companies forced to renegotiate deals or risk losing it all ...United Arab Emirates

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