The Failure to secure a deal between OPEC, Russia and other members of an alliance known as OPEC+, which was a tool used by The Oil Cartel in order to prop up oil prices since 2016, The “no-deal” sent the price of benchmark crude into a freefall.
Brent has lost almost a third of its value this year, testing the new low $40’s, This is putting American oil under heavy pressure and putting many U.S. service companies in distress for fear of bankruptcy.