How Does An Oil Price War Impact The Markets?
On 8 March 2020, Russia and Saudi Arabia initiated the first large-scale oil price war since 2014. Following a breakdown of negotiations between the OPEC+ members, there were extreme price cuts and production hikes. Subsequently, global oil values swiftly collapsed, led by a sudden 33.8% loss in U.S. benchmark West Texas Intermediate (WTI) crude oil futures. The crude oil market crash was vital to economic progress in the Middle East,…
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