OIL from Russia’s north-eastern coast of Sakhalin to shale formations in the U.S. Permian basin is going cheap as sellers are forced to slash prices in a desperate attempt to attract buyers.
Refiners across the world have made deep cuts to crude processing rates due to slumping consumption and a growing fuel glut, leaving producers struggling to find buyers for their cargoes. Sellers are aggressively dropping the price of their oil while they tussle for the remnants of demand, with the prospect of forced output cuts looming as global storage swells.
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