Saudi Arabia Ignites Oil Price War, Sends Markets Tumbling

Saudi Arabia and Russia had a falling out over how to deal with the impact of coronavirus on the demand for oil. The result—a global stock market rout unseen since the financial crisis of 2008. Saudi Arabia’s surprise decision to increase crude oil production, coupled with the lockdown in Italy and, at the time, a seeming inadequate response by the U.S. to the virus, sent stock markets tumbling. Reported by The Guardian. Read more…

Since then, Saudi Arabia has intensified the price war by continuing to step up production to a record high of 13 million barrels a day. Reported by The Guardian. Read more…