Serhat TUNAR -TDO- Economic growth prospects and oil consumption continue to weaken due to the Coronavirus outbreak, which originated in China and spread rapidly across the world. The risk of global recession is also negatively affecting oil markets.
Saudi Arabia's Energy Minister, Abdulaziz bin Selman, had said in a statement that his country would increase its oil exports to over 10 million barrels per day within a few months. Following this announcement, the downward movement in oil prices accelerated.
The barrel of Brent oil is trading at $ 25 on international markets. The barrel of West Texas type (WTI) crude oil finds buyers at $ 23.
Analysts say the pace of the spread of the Covid-19 epidemic has raised concerns about the impact on the economy, with historic falls in oil prices as a result, and a sharp decline in funds and shares of energy giant companies in the stock markets has escalated the panic in the markets.