Crude Oil Prices Drop as OPEC led by Saudi Arabia and Russia Clash

Two oil giants clash Credit: Bennian Shutterstock

RUSSIA has managed to catch the leaders of the oil exporting countries known as OPEC by complete surprise by refusing to cut oil production by 1.5 million barrels a day.

OPEC was looking to have huge cuts in order to keep prices high as demand has reduced due to the Coronavirus crisis but crude prices dropped below $50 (€44) per barrel for the first time since 2017.

It could be a Russian ploy but petrol and diesel prices at the pump should reduce for a while.



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