Corona virus: 4-year record decline in oil prices

Corona virus: 4-year record decline in oil prices

Posted on Mar 2, 2020

Corona virus: 4-year record decline in oil prices

Moscow: Oil prices continue to decline due to the deadly Corona virus spreading around the world, Oil prices recording a record decline over four years.

According to the International News Agency, Russian President Vladimir Putin discussed the problems of the global oil market, saying that the spread of the Corona virus is having a bad effect on the global economy.

Commenting on the record decline in oil prices, President Putin said that it is difficult to predict how long the rate will be continue to decline, but preparations will have to be made to deal with the situation.

According to the global media, oil prices have come down to the lowest level in 1 year due to Corona virus while the 4-year record of decline in oil prices is near breaking.

Economists say OPEC and coalition partners of potentially oil-producing countries will cut oil production significantly, saying that OPEC Plus will make a responsible decision after the outbreak of the Corona virus.

OPEC officials say it will try to curb the sharp fall in oil prices.


Mian Tajamul

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