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YGRN - Oil: The Reality Of This OPEC+ Price War Starting To Sink In
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Welcome to the reality hurts edition of Oil Markets Daily!
The reality will start to set in for everyone in OPEC+. Russian oil producers will be the first to refuse to increase oil production into a lower oil price environment. As we noted over the weekend, "Global Production Shut-In Is Needed To Fight The Coronavirus, Not OPEC+." Russia's cash cost breakeven is $19.21/bbl.
With Brent trading at $27/bbl and the discount needed to match Saudi crude to Europe at $15 to $17/bbl, Russian oil producers will be forced to sell crude at close