How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash #infographic

How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash #infographic

Oil is a geopolitical game, and often comes with broad price swings as a geopolitical undercurrent.

This particular story picked up steam in February as OPEC+ producers tried to negotiate a cut in production amid concerns that COVID-19 could have an impact on demand. At those sessions, Russia walked out, and Saudi Arabia responded by $6-8 per barrel weakening oil prices.

The world was locked in, the demand for energy dissipated and oil producers kept pumping at will. Instead, on April 9, almost a full month after COVID-19 was declared a pandemic, the disputes between Russia and Saudi Arabia eventually resolved.

How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash #infographic

infographic by: www.visualcapitalist.com

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