Oil crash compounds coronavirus hit for cash-strapped OPEC states

30 Mar by Vitaliy Dadalyan

Oil crash compounds coronavirus hit for cash-strapped OPEC states

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Oil crash compounds coronavirus hit for cash-strapped OPEC statesCollapsing oil prices are costing some OPEC members not only lost revenue when they most need it to tackle the coronavirus crisis, but also market share they may never recoup. OPEC producers such as Nigeria, Angola, Algeria and Venezuela cannot compete with the lower costs of erstwhile allies Saudi Arabia and Russia, who are flooding the market. The Republic of Congo’s oil minister wrote to OPEC secretary general Mohammad Barkindo this month asking for urgent talks to help to keep some members from sliding into recession.