OPEC Secretary General Mohammed Sanusi Barkindo (L), Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (C) and Russian Energy Minister Alexander Novak (R) attend an Opec-JMMC meeting in the UAE capital Abu Dhabi on September 12, 2019.
KARIM SAHIB | AFP via Getty Images
Experts are calling dramatically lower crude prices as major OPEC and non-OPEC producers prepare for an all-out price war, in a sudden U-turn from previous attempts to support the oil market as the new coronavirus hammers global demand.
“$20 oil in 2020 is coming,” Ali Khedery, formerly Exxon’s senior Middle East advisor and now CEO of Dubai-based strategy firm Dragoman Ventures, wrote on Twitter on Sunday. “Huge geopolitical implications. Timely stimulus for net consumers. Catastrophic for failed/failing petro-kleptocracies Iraq, Iran, etc – may prove existential 1-2 punch when paired with COVID19.”
The comment came as oil prices are down 30% for the year and a day after Saudi Arabia announced massive…