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The fallout from the coronavirus pandemic also helped to send oil prices into a historic tailspin, threatening higher-cost drillers in the United States and around the globe with bankruptcy. Shortly before Monday’s phone call, Trump said Saudi Arabia and Russia “both went crazy” in their oil-price war and that “I never thought I’d be saying that maybe we have to have an oil increase, because we do.”
Goldman Sachs analysts said that oil demand from commuters and airlines, which account for about 16 million barrels per day of global consumption, may never return to their previous levels. After Washington imposed sanctions on two units of Russia’s largest oil producer Rosneft in Venezuela, the company said on Saturday it had sold the assets to an unnamed company owned by the Russian government.
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