Real Oil Price Plunge Pushes Major Producers to the Brink
- Dated Brent benchmark assessed at its lowest since 1999
- European, African and Asian crudes trade in single-digits
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The prices of actual barrels of multiple crude streams in Europe, Asia and Africa have plunged to as little as $5 a barrel, dragging down the entire physical oil market and increasingly distressing major producers.
The Dated Brent benchmark, a global reference for nearly two-thirds of the world’s physical flows, plunged to $13.24 a barrel on Tuesday, the lowest since 1999, according to price reporting agency S&P Global Platts.