The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. drivers and helped ease inflation worldwide.
Read More: Newsmax
As global demand for oil has suddenly halted oil produces have seen prices drop. This could result in producers not having places to put their oil. If the current situation continues production will need to be cut by June.
Reduction in demand could halt production in other sectors and trigger recession.
Read More: Financial Post