Just when virus-hit markets thought things couldn’t get worse, the Saudis twist their knife in
When people use the term “adding fuel to the fire”, they are usually not being literal.
Potential motivations for the Russian stance vary, but explanations centred on its desire to take on the US shale industry, which has made that country the biggest producer of oil. Lower crude oil prices would inflict further harm on US fracking companies, which have struggled to turn volumes into profit.
In the current environment, where factories are idle and consumers aren’t in a position to spend, the sharply lower oil price is of little comfort. If anything, it’s more of a signal of the desperate state in which the global economy finds itself. The long-term effect of the current instability is probably too difficult to judge as the world seeks to come to grips with the virus’s outbreak and trying to bring it under control.
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