With the ever-growing impact of coronavirus on countries’ economic output and the latest duel between Saudi Arabia and Russia on oil production, experts are worried about global economic recession.
The world economy seems to have stepped into a very cloudy March mostly because of the rapid spread of coronavirus in Europe and the U.S., and shockwaves sent to markets by world’s top oil exporter, Saudi Arabia.
On Friday, Saudi-led Organization of Petroleum Exporting Countries (OPEC) and Russia-spearheaded non-OPEC oil producing countries failed to reach a deal to further cut their oil production levels. Soon after, Saudi Arabia reduced its
Read more: Experts warn of economic recession amid virus spread, oil price dive