The barrel used as a reference by OPEC (Organization of Petroleum Exporting Countries) thus prolonged the strong downward trend resulting from the expansion of the covid-19 and aggravated by the threat from large producers such as Saudi Arabia and Russia to flood the cheap oil market. .
The accumulated decline since the peak reached on 6 January (70.87 dollars ) already exceeds 65 percent.
Other types of reference oils have also sunk, such as Brent and Texas intermediate oil (WTI), although their prices have reversed the trend with the economic stimulus measures announced on Monday by the United States Federal Reserve (Fed).
However, analysts cited by Efe say that "petroprices" will continue to be pressured to go down due to the contraction of global energy demand and the great uncertainty about the future evolution of the covid-19 pandemic and its impact on the world economy.
To this is added, on the supply side, the "price war" and market shares launched by Saudi Arabia.
The situation is a severe blow for OPEC members - Venezuela, Equatorial Guinea, Saudi Arabia, Iran, Iraq, Algeria, Angola, Congo, Gabon, Kuwait, Libya, United Arab Emirates and Nigeria - because they are highly dependent on the revenues generated by sales of 'black gold'.
In the same way, other independent producers are being reached, such as Russia, Mexico, Brazil, Ecuador or Colombia.
