Finance

Oil Crash Sends New Shock Through World Crippled by Virus

End of Russia and Saudi Arabia’s OPEC+ deal upends oil market
Oil-producing economies from Texas to Iran are exposed

WATCH: How low could oil prices go?(Source: Bloomberg)

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By Verity Ratcliffe, Akshat Rathi, and Enda Curran

March 9, 2020 at 12:17 AM UTC

Updated on

March 9, 2020 at 7:22 AM UTC

This article is for subscribers only.

Another shockwave is about to rip through a world economy already reeling from the coronavirus.

Oil prices plunged after the dramatic breakdown of talks between OPEC and Russia prompted Saudi Arabia to launch a price war. Brent crude tumbled by almost a third to $31 a barrel on Monday, as Goldman Sachs Group Inc. told clients it could quickly dip into the $20s.