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Oil’s Historic Tumble Illustrated in Charts

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Winners and Losers From Oil's Worst Slump Since 1991
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The sudden plunge in oil prices to near $30 a barrel takes the market back to early 2016 when rising U.S. shale exports caused a global glut.

Monday’s collapse was triggered by a breakdown in the OPEC+ alliance after Russia balked at Saudi Arabia’s demand for deeper output cuts to cope with the coronavirus. Not only will those reductions now not happen, but the current curbs will expire at the end of this quarter. To add to that, the kingdom is aggressively opening the taps to flood the market with cheap crude.