Oil Prices Plummet After Russia-Saudi Pact Collapses

Reuters reports:

Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed.

Despite sliding demand for crude due to the coronavirus, Riyadh made plans to ramp up output next month after Moscow balked at OPEC’s proposal last week for a further steep production cut.

Russia, one of the world’s top producers alongside Saudi Arabia and the United States, also said it could lift output, adding that could cope with low oil prices for six to 10 years.

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