President Trump talked up the prospect of a truce in the ongoing oil price war between Russia and Saudi Arabia that has devastated the oil market—and expects Saudi Arabia to cut production by 10 million barrels by theothersarahh
of the crisis, filing for Chapter 11 bankruptcy protection amid the major drop in oil prices.
Over the last few weeks, the pressure on the oil market has boiled down to supply and demand: demand for fuel has plummeted as people around the world stopped traveling and working as a result of the coronavirus, and supply will skyrocket as Saudi Arabia and Russia ramp up production and cut prices.between two oil-producing giants, Russia and Saudi Arabia, rocked global markets just as demand began to plummet during the coronavirus outbreak.
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