Markets around the world are nosediving on Monday owing to a combination of plummeting oil prices and a surge in global coronavirus cases.
A group of oil-producing nations known OPEC failed to reach a deal with its allies over oil output cuts following a meeting in Vienna on Friday. Thisand reportedly prepare for an increase in production.
The shocking move came after OPEC ally Russia rejected the 14-member organization's recommended production cuts of 1.5 million barrels per day from April until the end of the year in a bid to support energy prices, which along with global stock markets have been ravaged by falling demand amid the coronavirus outbreak.
The Kremlin's decision not to help prop up energy prices not only shattered the coalition efforts to curb production, but will also"If you look at Russia, they do not consider indefinite production cuts to be a viable strategy for their oil industry, I think they need to see a structural shift in the supply side, that is the only way you move beyond this era of cuts, and U.S.
Payne added that Russia "smells blood" in the weak U.S. shale sector and would be looking to shave 1.5 to 2 million barrels a day off U.S. shale production, which has increased sharply in recent years.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
All-time lowest price: The top-rated Google Pixel 4 is now $250 off — 'I love it so much I bought 2 of them!'Shoppers swear this phone takes the best photos of any smartphone on the market and here's why.
Read more »
Here's All the Culture News You Missed This WeekBilly Porter as the 'genderless' Fairy Godmother in Cinderella, Taylor Swift's generous donation to the Tennessee tornado relief efforts and more.
Read more »
'Fear is now pervasive,' oil expert Dan Yergin says amid market routThe world is in a period of 'true turmoil,' with financial markets and economies in crisis while a novel coronavirus continues to spread rapidly, oil guru Dan Yergin told CNBC this week.
Read more »
Analyst View: Oil price plunge, coronavirus fears unleash market chaosFinancial markets have been thrown into turmoil following Saudi Arabia's re...
Read more »
Here's How Inspiring Women Around The World Celebrated International Women's DayMichelle Obama, Greta Thunberg, Emma Watson, Nancy Pelosi and many more shared what the day means to them.
Read more »