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Local oil prices are likely to go up in the coming weeks, perhaps days with global markets plunging at alarming rate after an alliance between Russia and the international oil cartel, OPEC imploded, causing the worst one-day crash in crude oil prices in nearly 30 years.
The alliance between the two entities involved restraining oil supplies in order to support prices.
However, when OPEC proposed further production cuts to bolster a market already battered by coronavirus fears, Russia said no.
The industry got another hard blow when Saudi Arabia stepped in and launched a price war with Russia in response to their broken OPEC agreement. The move, which signaled Saudi Arabia is ready to fight for its share of the market, could ultimately turn into a dangerous multi-national game of oil-price .