As demand crunch deepens, how far can oil plummet?

Oil prices have plummeted by more than 30 per cent since the start of the year but for producers the worst may be yet to come, warn experts, as the coronavirus epidemic weighs heavily on demand.

The OPEC cartel of oil-producing countries and its allies failed to reach a deal on production cuts Friday, after Moscow refused to tighten supply to counter the effects of the outbreak, sending oil prices tumbling.

OPEC nations -- led by the world's third-largest oil producer Saudi Arabia -- had agreed the day before to recommend "a further adjustment of 1.5 million barrels per day until 30 June 2020."
"The Russians have decided to employ a scorched-earth policy," said John Kilduff of Again Capital, adding that Moscow was "at a point where they're wondering why they are supporting US producers."