"Saudi Arabia, the world's top exporter, launched a price war over the weekend. The move followed the implosion of an alliance between the OPEC cartel, led by Saudi Arabia, and Russia... The kingdom is also reportedly planning to lift production to over 10 million barrels a day ... The coronavirus has undermined energy demand worldwide, but especially in China, which is now the number one importer of crude oil, quzzling roughly 10 million barrels a day.

Making reference to the above news, and with the help of a supply-demand diagram, explain what will happen to the equilibrium price and quantity of crude oil.