Crude markets have been in turmoil since the start of the week after Riyadh slashed prices following a bust-up with Moscow over output cuts, leading to the biggest one-day drop for almost 30 years.
But energy titan Saudi Aramco’s announcement that it would raise production capacity by one million barrels per day to 13 million bpd halted the rally in its tracks – and prices quickly fell back into the red.Trump had promised to introduce measures to combat the virus epidemic such as assistance to airlines and cruise companies, two especially hard-hit industries – but investors are growing worried about the lack of concrete action.
This week’s oil rout was triggered by Riyadh driving through the biggest price cuts in two decades at the weekend, following Moscow’s refusal to agree to reduce production.
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