This week’s oil price rout had become inevitable and cutting oil output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will be, Russia’s deputy energy minister said in an interview with Reuters on Wednesday. Last week, Saudi Arabia failed to secure Moscow’s support for deeper output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+. Following the disagreement, Saudi Arabia has threatened to flood the market with oil. …read more
Source:: Yahoo Finance
