In this video we will know about:
Why the oil price crash?
Effect of oil price in oil-exporting countries.
Effect of oil price in oil-importing countries.
The intention behind the oil price crash.
Reason:
Crude prices declined after the Saudi move to start a price war after Russia balked at making further steep output cuts proposed by OPEC to stabilize oil markets hit by worries over the global spread of the coronavirus. Saudi Arabia plans to boost its crude output above 10 million barrels per day (BPD) in April after the current deal to curb production expires at the end of March, sources told Reuters. The world’s biggest oil exporter is attempting to punish Russia, the world’s second-largest producer, for not supporting the production cuts proposed last week by the Organisation of the Petroleum Exporting Countries (OPEC).
Timestamp:
01:00 - 03:00 Why the oil price crash?
03:00 - 04:37 Effect of oil price in oil-exporting countries.
04:37 - 05:45 Effect of oil price in oil-importing countries.
05:45 - 06:53 The intention behind the oil price crash.
KEYWORDS:
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