Oil Crashes by Most Since 1991 as Saudi Arabia Launches Price War
The implosion of an alliance between OPEC and Russia triggered a hefty cut in oil price by Saudi Arabia, and hence launching a price war against Russia in a bid to retake market share. Why didn’t the stock markets cheer the lower oil price which theoretically will decrease the marginal/unit cost of production and boost economic growth? What is the impact of the price war on oil producers such as Russia and USA? How will the plunge in oil price amid coronavirus outbreak impact world economies? Click Here to read more.