Oil Price War Could Wreak Havoc On Eurasian Economies

A feud between Saudi Arabia and Russia that sent oil prices plunging on March 9 has rewritten economic forecasts across Eurasia. Azerbaijan, Kazakhstan and Russia – the former Soviet Union’s largest oil producers – are preparing for budget shortfalls, pressure on their currencies and possibly recession. Adding to uncertainty is the panic over the quickening spread of the novel coronavirus causing COVID-19, which has cut consumer demand around the world. Only last year Azerbaijan increased pensions and…