By Fred Fromm, CFA, Vice President, Research Analyst, Portfolio Manager, Franklin Equity Group®
Franklin Equity Group's Fred Fromm explains why recent oil market demand and supply shocks are essentially unprecedented and are leading to oil prices that are uneconomical for almost all market participants.
At Friday's OPEC+ meeting, Russia balked at supply cuts to offset the reduced demand we see from the spread of COVID-19.1 In response, over the weekend, Saudi Arabia dropped its export prices across the board, essentially starting a price war in the global oil markets. The idea seems to be