Crude Oil Prices Drop as OPEC led by Saudi Arabia and Russia Clash

RUSSIA has managed to catch the leaders of the oil exporting countries known as OPEC by complete surprise by refusing to cut oil production by 1.5 million barrels a day.

OPEC was looking to have huge cuts in order to keep prices high as demand has reduced due to the Coronavirus crisis but crude prices dropped below $50 (€44) per barrel for the first time since 2017.

It could be a Russian ploy but petrol and diesel prices at the pump should reduce for a while.

Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing, by calling +34 951 38 61 61 or by messaging our Facebook page