Oil Plunges Most Since 1991 After Producers Embark on Price War

Saudis, Russia plan to boost output; virus to curb consumption
IEA sees unprecedented combination of supply-and-demand shock

WATCH: How could the oil-price war between Saudi Arabia and Russia impact U.S. shale producers?Source: Bloomberg

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By Dan Murtaugh, Alex Longley, and Jackie Davalos

March 8, 2020 at 6:08 PM EDT

Updated on

March 9, 2020 at 3:53 PM EDT

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Oil crashed the most in 29 years as Saudi Arabia and Russia vowed to pump more in a battle for market share just as the coronavirus spurs the first decline in demand since 2009.

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