US set to lose spot as world's top oil producer — and doesn't have the tools to do anything about it
at $20.39 per barrel on Monday morning London time, their lowest levels in nearly two decades.
A drilling crew secures a stand of drill pipe into the mouse hole on a drilling rig near Midland, Texas February 12, 2019.But the impact of the price war still pales in comparison to the sheer evisceration of demand brought on by a forced economic shutdown in most of the world in an effort to slow the spread of the coronavirus, which has now killed more than 34,000 people and infected more than 730,000.
"I think it's almost a guarantee that this year it will certainly lose that position," Edward Bell, commodities analyst at Dubai-based bank Emirates NBD, told CNBC regarding the U.S.'s top spot. "And it might happen probably a lot faster than we anticipate."
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