Oil plunges most since 2008 on unraveling Saudi-Russia alliance

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Oil plunges most since 2008 on unraveling Saudi-Russia alliance

Jackie Davalos 6 hrs ago


Oil in London plunged the most since 2008 on signs of a breakdown in the global producer alliance that helped engineer crude’s recovery from the worst crash in a generation.

Futures plummeted more than 9% in London as talks between members of the OPEC+ group collapsed in Vienna. Producers in the alliance are free to pump at will starting next month, after Russia refused to bend to Saudi Arabia’s wish for output cuts aimed at offsetting the coronavirus crisis’s impact on demand.

The end of the talks without a deal raises the prospect of another war for market share among producers, which had exacerbated crude’s collapse back in 2014 amid a global glut. The OPEC+ alliance was formed in 2016 after the price crash imperiled economies dependent on oil revenue and led to a wave of bankruptcies among smaller exploration companies across the globe.

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https://www.msn.com/en-us/money/markets/oil-plunges-most-since-2008-on-unraveling-saudi-russia-alliance/ar-BB10P4ue?ocid=spartanntp

[DB]

What's going to do more damage, the virus to our health or the virus to our economy?