Oil Prices/Carl Icahn Hostile Takeover OXY
I personally do not have a good grasp on the commodities market but have been curious about Carl Icahn's recent hostile takeover of OXY and oil prices as a whole. Was hoping somebody could give some perspective on one or both.
In addition to OP -- could someone explain the poison pill that oxy put on?
Bat soup flu destroyed 20% of oil demand. OPEC+ is adding ~5% extra supply. That's 30MMbopd more oil being produced than being consumed. As a result, oil prices are heading to $0 as all storage fills up. All the storage capacity will keep oil prices depressed once the world is allowed to restart and demand begins to return. Add in all the debt obligations in the near term and the industry is in dire straits.
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