“Oil markets are poised to get worse before they get better, ushering in a new era for petroleum,” U.S.-based Citi Bank said in a recent note to its clients.
The global COVID-19 pandemic is spelling trouble for Newfoundland and Labrador's oil and gas industry, adding to existing economic challenges in the cash-strapped province.
World oil prices are in free fall after Saudi Arabia slashed its crude sale price Sunday, signalling the start of a price war after OPEC talks with Russia broke down without an agreement on production cuts.