overproduction

Looking forwards, some V8 members that have exceeded their output quotas in the past will need to compensate for their overproduction, and Russia in particular "is already at full capacity", Ashford told AFP.

One example: The U.S. government agreed to provide a price floor for MP Materials so it is protected against any price crash triggered by Chinese overproduction.

Meanwhile, only about half of the pledged OPEC+ supply increase is expected to hit the market, as some members still have to compensate for past overproduction, while others face capacity constraints.

"These are lobsters with a genetic mutation that causes an overproduction of crustacyanin, giving them a vivid, electric blue appearance."

"So you take the impact on the world economies that Trump had and that overproduction; it has meant demand is low, supply is high and prices have come down," said Mr Gormley.