Oil price crashes on no-deal as virus fallout mounts

Luke Housego, Vesna Poljak, Angela Macdonald-Smith and Jacob Greber

Mar 8, 2020 – 8.28pm

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Russia's refusal to meet OPEC's push for production cuts unleashed a 10 per cent fall in the price of crude and threatens to revive the energy wars as the coronavirus' global spread inflicts mounting damage on commodity and equity markets.

As far as Russia is concerned, from April 1 there is no output deal between it and OPEC, energy minister Alexander Novak declared, alluding to the end of years of energy diplomacy under the OPEC-plus supercartel.

Luke Housego is a journalist for The Australian Financial Review based in the Brisbane office.

Vesna Poljak was The Australian Financial Review’s companies editor.

Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.

Jacob Greber was The Australian Financial Review’s senior political correspondent.