Oil Autocrats Are Struggling To Keep Their Power

This week began with a bang for the oil markets. On Sunday the members of OPEC+ struck a historic deal to slash production by a whopping 9.7 million barrels in May and June in an attempt to rescue oil prices from the depths of the current oil price crash.  Last month global oil prices fell more in one day last month than they had in nearly 30 years thanks to the culmination of a series of unfortunate events spurred by the spread of the novel coronavirus. As COVID-19 shut down economies around the globe, oil demand plummeted and tensions rose…