Oil market chaos to deepen as more Gulf giants cut output [Fortune]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
Company Research
Source: Fortune
Recommended Video The United Arab Emirates and Kuwait have already started reducing oil production as storage runs out, joining Iraq, whose output is now down 60%. Others may be forced to follow as oil tankers continue avoiding the narrow waterway, rapidly reducing the number of empty ones available for loading. Once all the vessels are loaded, the region's remaining on-land storage will fill even quicker. The upheaval, now in its ninth day, shows no sign of imminent resolution, meaning a strip of water that normally handles a fifth of the world's oil is impassable. Saudi Arabia is diverting record amounts of crude to its Red Sea coast for export, helping to alleviate at least some of the pressure. Iran has vowed not to back down in the face of US and Israeli strikes that began on Feb. 28. President Donald Trump responded on Saturday by saying the US would now consider targeting areas and groups of people in Iran that were not previously aimed for. The attacks will continue “un
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- ING's page on the SEC website