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The oil price war could persist until year-end, analyst says

April 1, 2020

The oil price war could last until the end of the year, an analyst said Wednesday.

Prices have plummeted more than 60% since the beginning of year after OPEC+ failed to reach an agreement, leading Saudi Arabia and Russia to enter a price war amid the global coronavirus crisis.

Riyadh said it will boost output to 12.3 million barrels per day in April, while Moscow said it can increase production by 500,000 bpd in the long term.

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