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Prices for low quality US crude prices have already turned negative amid the ongoing collapse of the global oil market, started with the Saudi attack on other oil producers, mainly Russia and Iran.
The falling demand to this type of crude forced oil producers to introduce unprecedented discounts. Some of them even pay to the buyers for the delivery of oil.
IMAGE: oilmonster.com/crude-oil-prices/wyoming-asphalt-sour-price/180/28
For example, Mercuria Energy Group Ltd is now selling Wyoming Asphalt Sour crude for approximately 0.1 USD for a barrel. Actions of the US ally, Saudi Arabia, on the oil market are destroying US shale oil producers.
