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March 9, 2020
Oil crashed the most in 29 years as Saudi Arabia and Russia vowed to pump more in a battle for market share just as the coronavirus spurs the first decline in demand since 2009.
Futures slumped by about 25% in New York and London Monday as Moscow and Riyadh began an all-out price war after the collapse of talks between members of the OPEC+ alliance last week. Saudi Arabia slashed its official crude pricing and is threatening record output. Russia’s largest producer, meanwhile, said it will ramp up production next month. What’s more, all of the annual growth the International Energy Agency had anticipated last month has been erased, and oil demand is now expected to contract by 90,000 barrels a day this year. Read more