Saudi Arabia’s Oil Price War Is Backfiring
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Saudi Arabia and Russia must have anticipated an oil price crash when they broke up their three-year-long bromance to push up oil prices. Two weeks later and nearly 4 million bpd of total promised additional oil supply to the market next month, and Riyadh and Moscow are now counting the cost and trying to adjust government spending. The friends-turned-foes expect sharp drops in oil revenues in the near term, not only because Brent Crude is barely managing to cling to the $30 mark these days, but also because the coronavirus pandemic…
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