Monday, March 16, 2020
Oil market dynamics.
The price of crude oil, already weakened by the impact of the COVID-19 outbreak on demand, has plummeted this month after Russia refused to agree to further output cuts in coordination with OPEC. The plunge in the oil price will exert huge financial pressure on economies heavily dependent on oil revenues, including Saudi Arabia. Oil companies, particularly US shale oil producers, will also be under pressure.