Oil prices initially slipped Friday afternoon on reports that Moscow said it wasn't prepared to approve a further reduction in production. Later, Reuters also reported that OPEC and its allies had even failed to agree on rolling over existing cuts, further weighing on crude prices. Then a statement by the oil group said it would continue discussions and made no mention of any cuts. Russian Energy Minister Alexander Novak told reporters leaving the meetings in Vienna on Friday that it meant that members could now pump what they liked starting April 1 2020. "We have made this decision because no consensus has been found of how all the 24 countries should simultaneously react to the current situation. So as from April 1, we are starting to work without minding the quotas or reductions which were in place earlier but this does not mean that each country would not monitor and analyse market developments," he said. This lack of consensus between Russia and the OPEC triggered price wars............. International benchmark Brent crude skidded to $45.46 Friday afternoon, down over 8%, while U.S. West Texas Intermediate sank to $41.93, also around 8% lower. Both benchmarks were trading at lows not seen since 2017. Brent futures have fallen more than 30% since climbing to an early January peak, with WTI down almost one-third over the period. The presence of Corvid 19 has exposed major weaknesses in the oil industry but has also created a wake-up call for impending challenges in the long run. Issues at hand span economic, social and environmental (sustainability issues). Required:

i) You are to discuss the financial/economic impact of corvid 19 on global sustainability issues in the oil and gas industry indicating the dynamics between Russia and Saudi Arabia and the resultant effects. 

ii) Propose sector-relevant regulatory measures to cushion the impact of COVID-19 

iii) Propose practical solutions for the way forward