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Oil Market Turmoil – Good or Bad News for Consumers?

The coronavirus crisis has affected all aspects of economic life but its impact on the oil and gas markets has been especially dramatic.  The oil market was already on the verge of over supply before the crisis struck. Producing countries were struggling to agree production cuts even before the scale of the global economic downturn became apparent so a demand reduction of around 35% could barely have come at a more inconvenient time.

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