Oil Prices Plunge Amidst Bank Turmoil and OPEC+ Calmness

The oil price collapse is set to post a more than 10% loss after a tumultuous week, despite a brief respite on Thursday when the Swiss national bank stepped in to save Credit Suisse and Saudi Arabia and Russia signaled a willingness to intervene. Meanwhile, Australian authorities may compel LNG exporters to divert excess gas supply towards domestic consumers, and ExxonMobil is reportedly considering selling its majority stake in the Rovigo LNG terminal. Additionally, the UN's nuclear agency discovered that 2.5 tonnes of uranium have gone missing from a Libyan site controlled by the rival Benghazi government, and Credit Suisse's woes are also bad news for Greek shipping companies as CS was the largest lender to Greek shipping with an active portfolio of at least $5.2 billion.