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Saudi-Russian price war sends oil and stockmarkets crashing - Coggle…
Saudi-Russian price war sends oil and stockmarkets crashing
proxi-war
Russia/Saudi Arabia
now
oil market
oil and stock markets collapse
agreement in March
since 2016 : working together
control production
support price
important
bc. drop in oil demand
due to the spread of covid-19
BUT
meeting broke up without agreement
initiative
OPEC
leader : Saudi Arabia
why ?
Russia
refused to slash production
oil war price
w/ SA
war price
SA
discounts to customers
northwest Europe
to squeeze Russian crude
increase in output
shooting in the dark
uncertainty + anxiety
oil producers = overstretched
end ?
SA = budget in danger
end ?
partnership = always been uncomfortable
Cold War
civil war in Syria
USA POV
American oil production surged
bc. SA/Russia production ↘️
= world’s biggest oil producer
future ?
SA
bin Salman = oil minister
kingdom’s allies would help support prices
bad decision w/ this agreement
swing
peacetalks