The Big Picture

Oil market meltdown

Reuters has been leading coverage of the historic collapse in oil markets this year, sparked by a Saudi-Russia price war and fueled by the coronavirus pandemic, which has destroyed as much as a third of global demand. A series of richly reported stories and insights have detailed the impact of the market meltdown on energy companies, trade, and the communities and nations that depend on oil revenues. Reuters has delivered a string of scoops as the OPEC+ supply deal fell apart in March and on the ensuing oil diplomacy that culminated in unprecedented global cooperation among producers and consumers to remove around 20 million barrels per day of oil from the market less than two months later.