OPEC And Russia Resume Oil Cut Talks – 8 April, 2020

In a meeting held this week, OPEC and Russia agreed to meet to hash out a plan for the future of the oil economy and navigating these uncertain times, however their best efforts could not get the U.S. on board to join in on the conversation. Country lockdown happening all over the world in an attempt to control the spread of the coronavirus has caused oil prices to plummet by up to 30%, with the cost of production being higher than crude prices in some areas. OPEC and Russia have agreed to continue curbing supplies with the exception being that the U.S. and others joined the deal. A pricing war between Saudi Arabia and Russia initially caused prices to drastically dip, with the spread of the pandemic adding weight to those cuts in a time when many countries are shutting down international travel.