Shares of the world’s largest oil producers like BP, Royal Dutch Shell, and Chevron plummeted alongside global markets this morning after news of a shocking oil price war between Saudi Arabia and Russia broke over the weekend by theothersarahh
Shares of the world’s largest oil producers like BP, Royal Dutch Shell, and Chevron plummeted alongside global markets on Monday morning after news of a shocking oil price war between Saudi Arabia and Russia broke over the weekend, adding further uncertainty to a market already rattled by the spread of the coronavirus.
Shares of BP plummeted 18.8% to $25.39 by 11:30 a.m. ET on Monday— that translates to nearly $20 billion in lost market value since the close of markets on Friday.Chevron lost 13.5% and ExxonMobil lost 9.8% .
“This partnership could have broken down at any time, but the fact that it happened during a serious demand shock is a big deal,” says Ted Hall, VP of Market Strategy for the Americas at Kayrros. “This is a unique pairing of a black swan demand event with a rare supply shock.”President Donald Trump tweeted on Monday morning that the market’s dramatic fall was caused by the oil price war and the media, and that falling oil prices would be good for the consumer.
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