Global oil prices crashed early on March 9 after a dramatic rift opened between two of the world’s most important oil producers over how to respond to the potential effects of the coronavirus outbreak. A meeting between the Organization of the Petroleum Exporting Countries (OPEC) and ten other oil producing countries (known as OPEC+) ended on March 6 as Saudi Arabia failed to convince Russia to accept a more than 1 million barrels per day (bpd) cut in production to offset falling demand to due to slowing economic activity during the coronavirus emergency.
