Global Oil Producers Face Brutal Reckoning After Epic OPEC+ Fail
- Oil traders believe prices could fall as low as $20 a barrel
- Energy industry to face bankruptcies as Russia, Saudis battle
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The alliance between Saudi Arabia and Russia was the only thing that kept the world oil market from tumbling into the abyss. Now its collapse threatens to plunge the industry into a generation-defining freefall with few precedents in modern history.
OPEC+ ministers left a fractious meeting in Vienna Friday afternoon with no deal to continue restraining output, raising the specter of a price war just as the coronavirus triggers a drop in demand that could end up the deepest since the 1980s.