by Steve St. Angelo
In the past two weeks, analysts have cut their global oil demand forecasts by a staggering 225%. Never in history has the world experienced such a massive reduction in global oil consumption. The situation in the world oil industry is changing so fast; the market hasn’t fully digested the tremendous damage taking place.
Even though public announcements of “10 million barrel per day oil production cuts” positively impacted the oil price last week, there haven’t been any official agreements on curtailing production. Then there was this article on Zerohedge yesterday; After Record Rally, Oil Faces Collapse As New Feud Erupts Between Saudis And Russia; Monday OPEC+ Meeting Cancelled: