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Daily Archives: April 20, 2020

Oil Prices Hit $1 Following A 90% Crash

For decades, oil bears have made grand claims about oil prices crashing to $1. It was never really a claim that industry professionals would take seriously, with most observers viewing it either as fear-mongering or hyperbole. On Monday the 20th of April 2020, WTI front-month

$0 Oil Forces Canada To Shut Down Crude Production

Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports, noting the move could have dire long-term consequences for the production facilities. Steam-driven oil sands production, also called steam-assisted gravity drainage, involves injecting steam into an oil

The Surprising Winners And Losers Of The Global Oil Glut

Despite the historic OPEC+ production cut deal, available oil storage capacity around the world is running thin as global oil demand continues to crumble amid lockdowns and travel restrictions in many countries. OPEC and its Russia-led allies promised to remove 9.7 million bpd from the market starting