Investors sent US stocks down by nearly a third from February into late March, before efforts to slow the spread of the coronavirus threw the economy into a recession.
Due to the collapse in demand, storage tanks for oil are close to the brim at a key energy hub in Oklahoma, forcing traders to pay others to take delivery of the oil.
Thursday's Opec videoconference was part of a series of talks on stabilising the market, where oil prices have more than halved since the start of the year amid a pricing war between Saudi Arabia and Russia.
OPEC published an outlook that suggests a shrinking oil market and lower oil demand growth. The organisation is being challenged by increased US shale oil production output and is curbing its own output to keep prices from dropping too low.
Visiting Russian President Vladimir Putin and his host, Saudi King Salman, pen a string of multi-million-dollar investment contracts targeting the aerospace, culture, health, advanced technology, and agriculture sectors.
Whether it was Houthi drones or Iranian cruise missiles, the recent attacks highlight the need to end Yemen’s civil war.
Iranian oil minister Bijan Zanganeh has regretted that some members of the Organization of the Petroleum Exporting Countries (OPEC) have turned the group into a political forum.
The yellow vest movement has spread to several countries around the world who are protesting similar issues.
Organization of the Petroleum Exporting Countries (OPEC) said they would cut 800,000 barrels per day for six months from January, causing a sharp spike in oil prices.
The Russian economy’s dependence on oil and gas exports makes it vulnerable to fluctuating prices.
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