World, As Seen from the most beautiful islands: Ireland and Cyprus

Oil prices fell sharply as OPEC/Russia deal collaps


Oil prices fell sharply on Friday to the lowest level in more than three years due to the failure of a production deal between the oil cartel OPEC and Russia. The oil market is also under pressure from concerns about the negative impact of the new corona virus on the economy.

The price of American oil plummeted more than 10 percent to $ 41.16 per barrel and Brent oil fell more than 9 percent to $ 45.32 per barrel. These are the largest price drops in a long time.

OPEC has not been able to conclude an agreement with Russia on a further reduction in production in order to support oil prices. They have fallen sharply due to concerns about the corona virus. Saudi Arabia insisted on a production cut, but Russia did not want to admit it. As a result, cracks have been created in the years of cooperation between OPEC and Moscow in reducing production and the way is open for production increases by oil countries next month. An agreement on production limitation between OPEC and its allies will then expire.

Since January, oil prices have fallen by more than a third. The global economy and air traffic are being hit by the corona virus, which, together with the large supply on the oil market, is affecting prices.

Written by: Grace Kennedy

Grace Kennedy is a leading journalist, columnist of events in Ireland and beyond. 8 years in journalism, since she dropped out of university and ran away from home.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

Ireland and Cyprus have one thing in common. The most beautiful islands are divided. Even proportions are strikingly similar. Both nations strive for unity and a good glass of the news. More about us under the link.

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