Crude oil prices have fallen to record lows as Saudi Arabia launched a coronavirus-sparked price war with Russia. Saudi Arabia slashed prices after Russia refused to go along with OPEC’s proposal to rescue the oil market, which has been on a decline due to coronavirus-related fears and restraints on economic activity. That may have been the initial spark but Saudi Arabia’s stand-off with Russia is motivated by a larger geopolitical play and Russia in turn has one eye on shorting oil production in the U.S.
In this episode, we discuss the various dimensions to the story with two of our top experts.
Guests: Atul Aneja, Strategic Affairs Editor, The Hindu; Stanly Johny, International Affairs Editor, The Hindu
Write to us with comments or feedback at socmed4@thehindu.co.in
Also read: Analysis: Coronavirus pits Russia, Saudi Arabia and the U.S. — world’s top energy producers — in a destructive price war