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2020 Russia–Saudi Arabia Oil Price War
On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. Russia walked out of the agreement, leading to the fall of the OPEC+ alliance. Prior to the beginning of the price war, oil prices had already fallen 30% since the start of 2020 due to a drop in demand. In the first few weeks of March, US oil prices fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%. The price war was one of the major causes and effects of the ensuing 2020 stock market crash. In early April 2020 and again in June 2020, Saudi Arabia and Russia agreed to oil production cuts. The price of oil became negative on 20 April. Though oil production can be slowed, it can not be stopped completely, and even the lowest possib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russia
Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders of Russia, land borders with fourteen countries. Russia is the List of European countries by population, most populous country in Europe and the List of countries and dependencies by population, ninth-most populous country in the world. It is a Urbanization by sovereign state, highly urbanised country, with sixteen of its urban areas having more than 1 million inhabitants. Moscow, the List of metropolitan areas in Europe, most populous metropolitan area in Europe, is the capital and List of cities and towns in Russia by population, largest city of Russia, while Saint Petersburg is its second-largest city and Society and culture in Saint Petersburg, cultural centre. Human settlement on the territory of modern Russia dates back to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil War
An oil war is a conflict about petroleum resources, or their transportation, consumption, or regulation. The term may also refer generally to any conflict in a region that contains oil reserves or is geographically positioned in a location where an entity has or may wish to develop production or transportation infrastructure for petroleum products. It is also used to refer to any of a number of specific oil wars. Research by Emily Meierding has characterized oil wars as largely a myth. She argues that proponents of oil wars underestimate the ability to seize and exploit foreign oil fields, and thus exaggerate the value of oil wars. She has examined four cases commonly described as oil wars (Japan's attack on the Dutch East Indies in World War II, Iraq's invasion of Kuwait, the Iran-Iraq War, and the Chaco War between Bolivia and Paraguay), finding that control of additional oil resources was not the main cause of aggression in the conflicts. A 2024 study found that the pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish dollar, Spanish silver dollar, divided it into 100 cent (currency), cents, and authorized the Mint (facility), minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The U.S. dollar was originally defined under a bimetallism, bimetallic standard of (0.7734375 troy ounces) fine silver or, from Coinage Act of 1834, 1834, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed. The U.S. dollar became an important intern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian Ruble
The ruble or rouble (; Currency symbol, symbol: ₽; ISO 4217, ISO code: RUB) is the currency of the Russia, Russian Federation. Banknotes and coins are issued by the Central Bank of Russia, which is Russia's central bank, monetary authority independent of all other government bodies.wikisource:en:Constitution of Russia#Article 75, Article 75 - Constitution of the Russian Federation (English translation) The ruble is the second-oldest currency in continuous use and the first Decimalisation, decimal currency. The ruble was the currency of the Russian Empire, which was replaced by the Soviet ruble (code: SUR) during the Soviet Union, Soviet period. Following the dissolution of the Soviet Union, by 1992, the Soviet ruble was replaced in the Russian Federation by the Russian ruble (code: RUR) Par value, at par. The Russian ruble then further continued to be used in 11 post-Soviet states, forming a "ruble zone" until 1993. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benchmark (crude Oil)
A benchmark crude or marker crude is a Petroleum, crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend, and Dubai Crude. Other well-known blends include the OPEC Reference Basket used by OPEC, Tapis crude, Tapis Crude which is traded in Singapore, Western Canadian Select used in Canada, Bonny Light used in Nigeria, Urals oil used in Russia and Mexico's Isthmus-34 Light, Isthmus. Energy Intelligence Group publishes a handbook which identified 195 major crude streams or blends in its 2011 edition. Benchmarks are used because there are many List of crude oil products, different varieties and grades of crude oil. Using benchmarks makes referencing types of oil easier for sellers and buyers. There is always a spread between WTI, Brent and other blends due to the relative volatility (high API gravity is more valuable), sweetness/sourness (low sulfur is more valuable) and transpor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Texas Intermediate
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet. Oil produced from any location can be considered WTI if the oil meets the required qualifications. Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because of its low density and sweet because of its low sulfur content. The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai crude, Oman crude, Urals oil, and the OPEC reference basket. WTI is lighter and sweeter, containing less sulfur than Brent, and considerably lighter and sweeter than Dubai or Oman. WT ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gulf War
, combatant2 = , commander1 = , commander2 = , strength1 = Over 950,000 soldiers3,113 tanks1,800 aircraft2,200 artillery systems , page = https://www.govinfo.gov/content/pkg/GAOREPORTS-PEMD-96-10/pdf/GAOREPORTS-PEMD-96-10.pdf , strength2 = 1,000,000+ soldiers (~600,000 in Kuwait)5,500 tanks700+ aircraft3,000 artillery systems , casualties1 = Total:13,488 Coalition:292 killed (147 killed by enemy action, 145 non-hostile deaths)776 wounded (467 wounded in action)31 tanks destroyed/disabled28 Bradley IFVs destroyed/damaged1 M113 APC destroyed2 British Warrior APCs destroyed1 artillery piece destroyed75 aircraft destroyedKuwait:420 killed 12,000 captured ≈200 tanks destroyed/captured 850+ other armored vehicles destroyed/captured 57 aircraft lost 8 aircraft captured (Mirage F1s) 17 ships sunk, 6 captured. Acig.org. Retrieved on 12 June 2011 , casualties2 = Total:175,000–300,000+ Iraqi:20,000–50,000 killed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asia
Asia ( , ) is the largest continent in the world by both land area and population. It covers an area of more than 44 million square kilometres, about 30% of Earth's total land area and 8% of Earth's total surface area. The continent, which has long been home to the majority of the human population, was the site of many of the first civilisations. Its 4.7 billion people constitute roughly 60% of the world's population. Asia shares the landmass of Eurasia with Europe, and of Afro-Eurasia with both Europe and Africa. In general terms, it is bounded on the east by the Pacific Ocean, on the south by the Indian Ocean, and on the north by the Arctic Ocean. The border of Asia with Europe is a social constructionism, historical and cultural construct, as there is no clear physical and geographical separation between them. A commonly accepted division places Asia to the east of the Suez Canal separating it from Africa; and to the east of the Turkish straits, the Ural Mountains an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Europe
Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east. Europe shares the landmass of Eurasia with Asia, and of Afro-Eurasia with both Africa and Asia. Europe is commonly considered to be Boundaries between the continents#Asia and Europe, separated from Asia by the Drainage divide, watershed of the Ural Mountains, the Ural (river), Ural River, the Caspian Sea, the Greater Caucasus, the Black Sea, and the waterway of the Bosporus, Bosporus Strait. "Europe" (pp. 68–69); "Asia" (pp. 90–91): "A commonly accepted division between Asia and Europe ... is formed by the Ural Mountains, Ural River, Caspian Sea, Caucasus Mountains, and the Black Sea with its outlets, the Bosporus and Dardanelles." Europe covers approx. , or 2% of Earth#Surface, Earth's surface (6.8% of Earth's land area), making it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
WTI Price 2019-2020
WTI or wti may refer to: Organizations * Western Transportation Institute, in the College of Engineering at Montana State University in Bozeman, MT, US * Wildlife Trust of India, a conservation organisation based in New Delhi, India * Witness to Innocence, to abolish the death penalty in the US * World Trade Institute, University of Bern, Switzerland * World Tribunal on Iraq, a people's court Other uses * Berta language (ISO 639-3 code: wti), spoken in Sudan and Ethiopia * Ward–Takahashi identity, in quantum field theory * Waterloo station (Indiana) (Amtrak code: WTI), Indiana, US * Weapons and Tactics Instructor, a training course supervised by the United States Marine Corps Training and Education Command * West Texas Intermediate, a crude oil used as a pricing benchmark * Winnersh Triangle railway station (National Rail code: WTI), Berkshire, England See also * * * WT (other) * WT1 (other) * WTL (other) {{disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OPEC+
The Organization of the Petroleum Exporting Countries (OPEC ) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize Profit (economics), profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of List of countries by oil production, global oil production, according to a 2022 report. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.Organization of the Petroleum Exporting Countries. (2023). ''OPEC Annual Statistical Bulletin'' (58th ed.), 90 pages. Retrieved from https://asb.opec.org/. ISSN: 0475-0608. (See pages 7 and 22). In a series of steps in the 1960s and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
