Just as Kuwait and other major oil producers had begun to come to terms with lower prices, the market has once again been thrown into turmoil, with prices hitting lows last seen in 2003.
Oil prices had fallen from about $68 per barrel at the start of 2020 to about $50 at the end of February, on early fears over the impact of the coronavirus on the global economy. The market went into freefall in the second week of March, however, after the spectacular collapse of the agreement between dominant producers Saudi Arabia and Russia, struck in late 2016, to support prices.
