Coronavirus Infected Petroleum: The Great Competition Of Nations In A World Crisis.

We and the world have been sanctioning Russia over a host of issues. It has severely degraded the  Russian economy and squeeze the Russian people. Basically because of the coronavirus the Chinese have greatly reduce using petroleum on a massive scale. Seems the world is heading that way with social isolation. So OPEC and the other oil producers want to make a deal to cut the petroleum  production to boost the price of petroleum. I am hearing from  the cable business shows their there is a agenda underneath baulking on the cutback deal. Our miracle fracking natural gas and petroleum industry sits on the edge of profitability. The market price of electricity has been drastically cut due to fracking. So here is Russia trying to get even with our sanctions. They see the USA at this time as extraordinary vulnerable. Their intention is to drive down the world price of petroleum until they wipe out our fracking business. They know the speculative fracking business is highly loaded up with debt. It is huge. The experts think Russia can carry this out. 

The sub prime mortgage lit off the 2007-2008 financial crisis. Basically this ended freezing up our financial system. The Russians think the fracking  industry's debt is enough to freeze up our financial system and wipe out the fracking industry. Especially in the terror of coronavirus.        

Oil just had its worst day in 11 years as OPEC and Russia fall out over the coronavirus crisis

Vienna (CNN Business)Oil prices crashed more than 9% to their lowest level in nearly three years on Friday as major producing nations failed to agree on supply cuts aimed at addressing the collapse in global demand caused by the coronavirus outbreak.

The OPEC cartel led by Saudi Arabia on Thursday had proposed a two-pronged approach to its key ally Russia: extend existing production cuts of 2.1 million barrels through to the end of 2020; and make further cuts of 1.5 million barrels per day.

But Russia refused to back the plan at a meeting with OPEC in Vienna on Friday, leaving the future of its three-year alliance with the cartel in doubt and raising the prospect of a huge supply glut.

'This is a crisis.' Airlines face $113 billion hit from the coronavirus

OPEC Secretary General Mohammed Barkindo, speaking to reporters after the meeting broke up, said there was no consensus to extend the policy of supply restraint beyond the end of March and OPEC would not act unilaterally. Discussions would continue, he added, but gave no further detail.

Russian energy minister Alexander Novak told CNN Business that producers would make their own decisions on what to do from April 1.

Brent crude, the global benchmark, settled 9.4% lower at $45.27 a barrel. That was its worst level in nearly three years. It was the worst one-day percentage drop since December 2008.

US oil prices settled 10.1% lower at $41.28 on Friday -- the biggest one day percentage drop since November 2014. It was the lowest close since August 2016.

OPEC has faced immense pressure to act since oil prices fell into a bear market last month, or 20% below their previous peak, as the coronavirus outbreak destroyed demand for fuel, initially in China. Prices have now fallen 33% since early January.