Oil Is in a Free Fall, Says Council on Foreign Relations's Jaffe

The video discusses the significant drop in oil prices, the largest since the 1991 Gulf War, and explores the impact of the coronavirus pandemic on oil demand. It highlights the challenges faced by OPEC and global oil producers, including potential bankruptcies and production issues. The video also examines Russia's strategic position in the oil market, focusing on its relationship with Europe and the ongoing price war with Saudi Arabia.

What position does Russia hold in the current oil market situation?

What is the significance of OPEC's response to the oil price freefall?