March 27, 2020 archive

IEA predicts 20% drop in oil demand due to coronavirus lockdown

  • March 27, 2020

  Global oil demand could dive by 20% as 3 billion people are in a lockdown because of the coronavirus outbreak, the head of the International Energy Agency said as he called on OPEC leader Saudi Arabia to help stabilise oil markets. “Today, 3 billion people in the world are locked down. As a result …

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U.S. leaders urge Saudi Arabia to stop flooding the oil market

  • March 27, 2020

  The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia sent crude prices crashing to their lowest levels in almost two decades. The U.S. wants Saudi Arabia to hold back on a plan to supply a record 12.3 million barrels a …

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