World petroleum prices have crashed. On March 30, 2020, the spot price of Brent Crude oil was less than 20 US $ per barrel. This is the lowest price of crude oil in the past 19 years, since 1991. In February 2020, it was priced at 56 US $ per barrel.
This follows the breakdown of an arrangement between two major oil exporting countries, Saudi Arabia and Russia, at the meeting of oil exporting countries in the first week of March 2020. But a third country is at the center of the tensions that have now spilled out into the open — the United States.