Oil prices crashed nearly 9% as and Russia fell out over the coronavirus crisis [CNNMoney.com]
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Source: CNNMoney.com
Oil just had its worst day in 11 years as OPEC and Russia fall out over the coronavirus crisis Vienna (CNN Business) Oil prices crashed more than 9% to their lowest level in nearly three years on Friday as major producing nations failed to agree on supply cuts aimed at addressing the collapse in global demand caused by the coronavirus outbreak . The OPEC cartel led by Saudi Arabia on Thursday had proposed a two-pronged approach to its key ally Russia: extend existing production cuts of 2.1 million barrels through to the end of 2020; and make further cuts of 1.5 million barrels per day. But Russia refused to back the plan at a meeting with OPEC in Vienna on Friday, leaving the future of its three-year alliance with the cartel in doubt and raising the prospect of a huge supply glut. 'This is a crisis.' Airlines face $113 billion hit from the coronavirus OPEC Secretary General Mohammed Barkindo, speaking to reporters after the meeting broke up, said there was no c
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