How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash #infographic

How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash #infographic

Oil is a geopolitical game and a geopolitical undercurrent often comes with large price swings.

In February this particular story picked up steam as OPEC+ producers tried to negotiate a cut in production in the midst of concerns that COVID-19 might impact demand. Russia walked out at these sessions, and Saudi Arabia replied by $6-8 per barrel weakening oil prices.

The world locked in, energy demand dissipated, and oil producers kept pumping at will. Then on April 9, almost a full month after COVID-19 was declared a pandemic, Russia and Saudi Arabia finally settled the differences between them.
How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash #infographic


infographic by: www.visualcapitalist.com

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