2020 Russia–Saudi Arabia oil price war
The price war was caused by a breakup between the Organization of the Petroleum Exporting Countries and Russia over proposed oil production cuts due to the 2019–20 coronavirus pandemic. Oil prices had already fallen 30% since the start of the year due to a drop in demand.
The fall in prices was one of the causes of the global stock market crash on 9 March 2020, which became known as Black Monday.
As demand continued to fall dramatically, oil prices went down further, reaching a 17-year low on 18 March where Brent was priced at $24.72 a barrel and WTI at $20.48 a barrel.
On 20 April 2020, Oil prices reached a record low, falling into negative values, due to the ongoing coronavirus pandemic and the Russia–Saudi Arabia oil price war.
References[change | change source]
- Business, Matt Egan, CNN. "Oil crashes by most since 1991 as Saudi Arabia launches price war". CNN. Retrieved 2020-03-10.
- "Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts". NPR.org. Retrieved 2020-03-10.
- Sheppard, David; Raval, Anjli; Foy, Henry (18 March 2020). "Oil prices hit lowest level in 17 years as demand plunges". Financial Times. Retrieved 22 March 2020.
- Coronavirus: Oil costs hit 2002 low as markets digest surge in infections by James Sillars, Sky News, 30 March 2020
- "Oil prices fall to historic lows". The Guardian. 20 April 2020. Retrieved 20 April 2020.