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As Crude Oil Gets Hit Hard, Big Players Barrel Towards Bankruptcy
As these unusual times continue to wreak havoc across various industries, the energy sector hasn’t been spared. Oil prices have dropped significantly; by some estimates, it could fall as low as $20 a barrel. But perhaps more importantly, the demand for oil and gas is not nearly where it used to be. Despite OPEC+ reaching an agreement to reduce crude oil production and effectively stop its price war, oil prices still fell. Countries are leaking big money — for instance, estimates have Russia losing some $100 million a day from not reaching an agreement to cut crude production sooner. But on a smaller scale, ... (full story)