On Wednesday, oil prices fell across global markets as fears about the coronavirus impacting the economy intensified.
Crude oil prices have been suffering ever since the fallout better Saudi Arabia and Russia in the beginning of this month.
Brent crude, the Middle East benchmark, fell as low as $25.30, down more than 12 percent its lowest price in nearly 20 years. West Texas Intermediate, the US standard, fell to just over $22 a barrel, a decline of more than 17 percent on the day.
Analysts such as US investment bank Goldman Sachs is forecasting $20 per barrel by the middle of the year. “The oil demand collapse from the spreading coronavirus looks increasingly sharp,” Goldman said.
A spokesman for President Putin said: “Of course, this is a low price. I would like it to be higher.”
Saudi Arabia has ruled out participation in OPEC talks due this month, but now canceled.
The Kingdom is in the process of increasing its maximum sustainable capacity to 12.3 million barrels a day, ultimately going to 13 million.