A price war has wiped billions from the market value of the world's biggest oil companies after oil markets recorded one of the biggest price slumps in history.
Saudi Arabia's decision to increase its production even as the coronavirus outbreak stalls global oil demand triggered a 30 percent drop in oil prices overnight.
The oil price shock caused the UK oil giants Royal Dutch Shell and BP to lose more than 32 billion pounds from their combined market value within minutes of the London Stock Exchange opening.
Simon Henderson is from the Washington Institute and specialises in energy matters.
He speaks to Susie Ferguson.
