The Collapse of OPEC+ and the Oil Price Crash

On March 10, AGSIW hosted a briefing analyzing recent tensions within the alliance of OPEC and non-OPEC oil producers, OPEC+, and the ensuing oil price war between Saudi Arabia and Russia. AGSIW Non-Resident Fellows Kate Dourian and Robin Mills and Resident Scholar Robert Mogielnicki provided an overview of how the collapse of the relationship between Saudi Arabia and Russia that created OPEC+ sent oil markets into a tailspin, as the kingdom’s decision to slash crude prices led to the sharpest decline in oil prices since the 1991 Gulf War. The speakers analyzed the triggers for this price war, the consequences for global oil producers who are already reeling from a slump in demand due to the fast-spreading coronavirus, and the anticipated impact on Saudi Arabia’s ambitious economic reforms intended to pivot the economy away from its dependence on crude oil.

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