Spain is set to get caught up in an oil crisis as the price of Brent crude fell below $30 a barrel at one stage to record its worst daily drop in percentage terms since 1991 Gulf War build up.
It’s blamed on Saudi Arabia starting a price war with Russia following their failure last week to agree a deal to cut output and help pull prices to a stabilised level as well hit by a lack of demand due to the COVID-19 outbreak across the world.
The big dip in the stock market including Spain’s IBEX over the past fortnight also demonstrates fears that measures to contain the virus will cripple global economic growth with Spain high on the agenda as the IBEX suffered badly,
Spanish Financial spread betters who trade on the global markets saw the FTSE 100 falling more than 400 points – over 6% – at the open in London to 6,000 points, with energy stocks likely to feel the worst of the pain.
Financial speculator on global markets Paul Gregory from Spain told the Euro Weekly News: ” The markets are getting hammered right now and oil is at the forefront as barrel prices crash, this could force a shortage of oil as the producers hold back on production whilst the prices are so low and this would affect Spain badly as it relies like many countries on importation of oil”
” Oil is obviously required heavily for business, transport and manufacturing, lack of supply could force a lot of issues in Spain, I dread to think of how bad it possibly could become – common sense needs to start prevailing and the Arabs need to come to an agreement with Russia quickly” Gregory continued.