This article appeared online at TheNewAmerican.com on Monday, March 9, 2020:
Following the failure of a meeting by members of the oil cartel known as OPEC (Organization of the Petroleum Exporting Countries) in Vienna last week to extend its production cuts, Saudi Arabia’s oil company, Aramco, announced price cuts across all markets and an increase in its production.
The failure came on the heels of an announcement by the International Energy Agency (IEA) that it had reversed its previous estimate that demand for oil would increase in 2020 and predicted that worldwide oil demand would drop by 700,000 barrels a day instead. That announcement was historic, the biggest drop in demand in a decade.
It also occurred at a time when the concerns over COVID 19/coronavirus had reached panic proportions, leaving hotel rooms, airlines, and tour companies facing sharp declines in passenger bookings.
In other words,