Oil prices plummeted this week after a stalemate in talks between Russia and the Organization of the Petroleum Exporting Countries (OPEC). Convinced it can force OPEC members to unilaterally decrease production, Russia may well end up worse off than its rivals in its bid to save face.
Saudi Arabia–led OPEC and Russia had been in negotiations to reduce oil output in response to falling oil prices caused by the warm winter and the coronavirus outbreak, the latter of which has led to a worldwide decrease in oil consumption due to canceled flights and temporarily shuttered enterprises in China.
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