(Bloomberg) — OPEC+ failed to reach a deal, sending oil prices plunging as Russia refused to bend to Saudi Arabia’s push for deeper production cuts, delegates said.The collapse of talks in Vienna on Friday brings double jeopardy for the oil market, where prices are already at the lowest level in more than two years. Not only will the cartel be unable to compensate for the slump in demand due to the coronavirus, but the group’s existing 2.1 million-barrel-a day cut won’t continue beyond the end of this month.It’s the worst case scenario for the Organization of Petroleum Exporting Countries, which …read more
Source:: Yahoo Finance
