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The current plunge in the oil price has less to do with the coronavirus than it does with power politics.
Oil prices crashed by the most in 29 years Sunday night, The Telegraph reported, as Saudi Arabia announced its deal with OPEC+ to limit production was dead in the water. Instead, the kingdom was set to raise output and heavily discount prices.
The resulting drop is the steepest collapse in oil prices since 1991 and takes the market back to levels last seen in early 2016. A barrel cost