The outbreak of coronavirus has caused a massive oversupply of oil © Getty Images
The outbreak of coronavirus has caused a massive oversupply of oil © Getty Images

Coronavirus could cut oil demand by 700,000 barrels

10 March 2020

Saudi Arabia has dramatically cut export oil prices over the weekend in what has been seen as retaliation at Russia’s surprise refusal to support its policy.

The Brent benchmark global oil price fell by about $11 a barrel, or 25%, late on Sunday – the sharpest decline seen 1991.

It follows the IEA slashing its forecast for demand this year.

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