Crude Oil Price-War Unleashed
In a major single-day crash, oil benchmark Brent crude fell 31% after the world’s biggest oil exporter Saudi Arabia launched an oil price war with Russia, by slashing prices and preparing for a big increase in crude production in April.
Key Features
- This came days after Organisation of the Petroleum Exporting Countries (OPEC) & its allies failed to reach an agreement on production cuts, in a move to stabilise oil markets amid fall in oil demand due to the Corona virus (COVID-19) outbreak.
- Saudi Arabia is reportedly preparing to increase its crude production above 10 million barrels per day (bpd) in ....
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