On April 20th, the effects of the pandemic and a price war between Saudi Arabia and Russia forced oil prices to sink below zero and into the negative territory for the first time in history.
oil surplus
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coronavirus
Video: Global oil market in crisis amid virus lockdowns
Crude oil prices have fallen sharply as virus lockdowns cut demand.
Abu Dhabi
OPEC+ weighs output cut as threat of new surplus sinks prices
A technical committee representing the OPEC+ coalition projected that a global oil surplus will resurface in 2019 if they continue pumping at current rates
Abu Dhabi
Major oil producers meet in Abu Dhabi to consider cuts after price slide
Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October