The era of cheap oil is back
The era of cheap oil is back. Whoever in the world imagines this matter. The causes of the oil price collapse, the vital substance of the world economy, are very many. Perhaps the most prominent of these is the slowdown in growth in the global economy due to trade disputes and the increasing protectionist policy, especially between the United States of America and China. Second, the sharp Saudi-Russian dispute within OPEC Plus, over how to decrease production to reduce price declines. Thus, Russia at first did not want to cut production strictly. Forcing Saudi Arabia to respond with a controversial measure. It is to raise its production. Which led to the collapse of prices. Third, the spread of the Corona pandemic. Which led to the cessation of the interruption of economic activities consuming oil and quarantine measures in all countries of the world. Which led to the collapse of demand for oil.
The important thing is that the biggest beneficiaries are the consumer. Whose purchasing power will increase to acquire more goods and services. For you, dear consumer, with cheap oil, even in the unfortunate time of Corona.