Saudi Arabia-Russia oil price war explained: How long will it last and who is likely to win?

Oil markets have been thrown into turmoil by a slowdown in demand caused by coronavirus and a stand off between Moscow and Riyadh.

Stock markets the world over were roiled this week by the twin blows of coronavirus and turmoil in the oil world. As the economic impact of the pandemic bit, a dispute between Saudi Arabia and Russia drove down the price of oil.

, where Russia's Rosneft oil corporation is helping finance state oil producer PDVSA and prop up President Nicolas Maduro. "Most likely the first opportunity for any resolution is June," Bell said."Things could happen sooner, depending on how bad the oil market gets." China is showing encouraging signs of containing the virus spread, but oil demand will depend on how quickly other nations recover. If demand remains low in June, Russia and Saudi Arabia might be more inclined to reach a deal.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Newsweek /  🏆 468. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

5 things to know for March 12: Coronavirus, US census, Saudi Arabia, Weinstein, IraqHere's what else you need to know to Get Up to Speed and Out the Door.
Read more »

Saudi Arabia reports 24 new coronavirus cases: Health MinistrySaudi Arabia reported 24 new coronavirus cases on early Thursday, bringing the k...
Read more »

Who wins and loses in the Saudi-Russia oil gambit?A drop in oil prices is a good sign for consumers, but current economic conditions and the coronavirus pandemic makes it difficult to see who stands to benefit.
Read more »

UAE joins Saudi in opening oil taps as row with Russia slams crude pricesThe United Arab Emirates followed Saudi Arabia on Wednesday in promising to rais...
Read more »

Oil prices will keep falling until Russia or Saudi Arabia hit 'pain point,' says former White House aideThe price of oil is likely to fall 'much lower from here' in a political standoff between Saudi Arabia and Russia, said Bob McNally, who was energy advisor to former U.S. president George W. Bush.
Read more »