With Saudi Arabia preparing to flood oil markets, poorer OPEC countries are cutting spending even as they confront the coronavirus
With Saudi Arabia preparing to flood oil markets with a surge of output beginning as early as Wednesday, several of its OPEC brethren are cutting expenditures as they struggle to respond to the ravages of the kingdom’s oil-price war with Russia.
Lacking cash resources and the ability to increase crude output to fight in the oil-market conflict, the governments of Iran, Iraq, Algeria, Libya, Angola and Venezuela are considering major cuts to spending, even as they confront the coronavirus pandemic.
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