VET - These Oil Producers are Getting Smashed Today as Oil Prices Plummet
Crude oil futures are in free fall today. Brent crude is down almost 7.5% to $46.28, the first time since June 2017 that it's dropped below $50. West Texas crude is taking an even bigger beating, down 8.1% to $42.18 at this writing. Today's massive sell-off is tied to worries that a prospective deal between OPEC+ member states to cut 1.5 million daily barrels from their production is falling apart.
This deal, which was proposed by OPEC members to the additional countries that make up OPEC+, hinged largely on Russia's willingness to make big cuts. OPEC members agreed to take 1 million barrels in cuts but Russia is proving unwilling to shoulder the bulk of the half-million barrels in additional cuts proposed.
An already-oversupplied oil market could get even worse. Image source: Getty Images.