According to the announcement from Alexander Novak, the Minister of Energy of Russia, and Prince Abdulaziz bin Salman, King of Saudi Arabia, both countries were planned to cut their production of oil further, if necessary.

Although most of the leading oil-producing countries agreed to cut their oil production, with a total scale of 9.7 million barrels/day, the oil prices still further declined by over 10%.

Based on that, the current largest threat for the oil price was the market demand, and which would be highly relative to the virus impact in the future.