Russia's Energy Minister said on Tuesday that ‘doors are not closed’ and new agreements could be reached with Organization of the Petroleum Exporting Countries, after an OPEC meeting with Russia last week failed to see countries agree to a production cut. The 14 countries of the oil cartel were hoping for an agreement to reduce production at a time of huge disruption to the global economy from the new coronavirus outbreak. In response, Saudi Arabia has warned it will increase its production and slash its own prices to claw back market share. That sent oil prices into a free fall, losing some 25% of their value.
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