Coronavirus and oil price crash blamed as hundreds of billions wiped off values of indexes

From what I understand The series of events that led to this fell are :

  1. Trump allowed for a lot more oil extractions in the US
  2. The OPEC and the Russia ally to each other despite huge disagreements in the past to face this attack from the US
  3. With the covid-19, the oil demand falls again
  4. The Russia doesn’t agree with the OPEC anymore and announce that they will increase oil extraction to try to bankrupt US oil industry. This starts a price war with the Saudi Arabia and the UAE.
  5. The price of oil falls even further
  6. The stock market follows, especially in the energy sector

The way it could end is if Russia and the OPEC will reach an agreement.

I wonder if this is the first of the series of crisis that will start the collapse of the “modern” economic era. This week might be interesting.

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