Perfect Storm Strikes the Oil Market

The COVID-19 coronavirus has continued to affect markets and now it turns its sights on the oil market. The oil markets have declined in prices thus leading to an increase in its stock piles. This has resulted into production issues and a price war between Russia and Saudi Arabia.

“We’ve got to hold back production or oil prices are going to continue to drop,” according to Allison Mac of Mac stated, in reference to the price war with Russia and Saudi Arabia: “It’s a war of egos, and so that’s hard to’s very uneasy and we just don’t know where we’re going to go from here.”