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On March 6, negotiations over a pact between major oil producers to limit supplies fell apart after Russia rejected a proposal by the Organization of the Petroleum Exporting Countries (OPEC), including Saudi Arabia, to respond to lower demand caused by the coronavirus outbreak.Afterward, both Saudi Arabia and Russia said they will boost oil production. OPEC removed its own limit, triggering a nearly 25 percent drop in crude oil prices on a single day – Monday, March 9 -- and a panic on global stock markets.RUSSIA -- Russian President Vladimir Putin and OPEC Secretary-General Mohammed Barkindo meet on the sidelines of the 2019 Russian Energy Week forum in Moscow, October 2, 2019The previous day, March 8, the Russian ruble fell by more than 9 percent, settling at 74.8 per U.S. dollar on March 9.Despite those reactions, Dmitry Kiselyov, CEO of the state-owned media conglomerate Rossiya Segodnya, which includes Sputnik and RIA Novosti among others, and known as the Kremlin’s propaganda mastermind, joined a chorus of Russian officials making optimistic claims.Don’t panic
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