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Over the weekend, Saudi Arabia and Russia deadlocked over production cuts at Friday's OPEC meeting, effectively causing oil prices to fall to the lowest point since 1991 ($35 WTI as of March 9, 2020).
The meeting deteriorated after Russia rejected Saudi's plan for a shared 1.5 million barrels per day reduction in output. In response, Saudi Arabia slashed its export prices and increased production, causing oil prices to tumble 26% in mere hours.
This puts further pressure on E&Ps that are already spread thin. One company has already adjusted its 2020 strategy in response and it is likely others will follow suit.
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