OPEC had convened in February in an emergency meeting to discuss further production cuts in light of the coronavirus outbreak, which was then largely confined to China. A proposed 600,000 barrel per day cut fell through when Russia opted against that decision.
SINGAPORE (Mar 9): Oil prices suffered the greatest price collapse since 1991 after Saudi Arabia ignited a price war with Russia following the latter’s refusal to join production cuts with OPEC.
Shortly after the opening bell, the international benchmark Brent crude, plunged from US$45 a barrel to US$31.52 in the span of a few seconds, denoting one of the biggest intraday falls in its history.
