What affect from the price of oil?

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valuepro

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What affect from the price of oil?

posted on Mar 09, 2020 11:21AM

The price of oil is in crash mode this morning. At one point the price was into levels not seen since 2003. This is on the heels of the collapse of Russian-Saudi talks on supporting the price.

I am wondering if this will curtail Saudi investment diversification away from oil, or accelerate it? The answer could be VERY important for the minerals industry.

Understanding that Russia requires a price of oil above 70 dollars per barrel to balance its budget, its power and influence on the world stage appear to be evaporating before our eyes. Is the Saudi king working to help bring this about? He certainly seems less concerned about the price of oil than the Russians as they, the Saudis, are the ones who broke off the talks.