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CRUDE OIL SUPREMACY: Saudi Arabia, Russia and America will all suffer
Saudi Arabia and Russia are used to fighting their enemies via proxies. But the oil-price war that has broken out between them is head-on and has swiftly escalated. It started when Russia refused to slash production during a meeting with the Organisation of the Petroleum Exporting Countries in Vienna on March 6th. Saudi Arabia, opec’s de facto leader, hit back with discounts to buyers and a promise to pump more crude.
Shortly thereafter it said it would provide customers with 12.3m barrels a day (b/d) in April, about 25% more than it supplied last month—and a level it has never before attained. Russia said it could raise output, too, adding up to 500,000 b/d to its 11.2m b/d. The price of Brent crude plunged by 24%, to $34 a barrel, on March 9th—its steepest one-day drop in nearly 30 years.
US Politics: Bernie Sanders Addresses Health and Economic Crisis Facing US as Coronavirus Spreads
“Now is the time to come together with love and compassion for all, including the most vulnerable people in our society.”
Democratic presidential candidate Sen. Bernie Sanders (I-VT) speaks to the press in Burlington, Vermont on March 11, 2020. (Photo: Joseph Prezioso/AFP via Getty Images)
“Now is the time for solidarity,” Sanders said. “Now is the time to come together with love and compassion for all, including the most vulnerable people in our society.”
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