Oil prices are plummeting — partly due to falling global demand caused by the coronavirus, but mainly due to a price war launched by Saudi Arabia and Russia.
Both nations have watched with alarm as the U.S. became the world’s largest oil producer over the past decade. Last month, they conspired to win back some of the market share they’ve lost. They flooded an already saturated market with cheap crude, hoping to drive American energy producers out of business. Now, the two nations seem ready to negotiate a deal and slash production.
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