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The oil market chaos: What's next?
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Oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia, on Oct 12, 2019.
PHOTO: REUTERS
Ellen R. Wald
The collapse of the Opec+ alliance and Saudi Arabia's subsequent decision last week to launch an all-out price war in crude has upended markets and roiled a world already strained by the coronavirus crisis. There will be lasting consequences.
The Organisation of Petroleum Exporting Countries (Opec), led by Saudi Arabia, wanted to continue with its current production cuts and add an extra cut of 1.5 million barrels per day. Russia refused, causing a rift between Opec and its non-Opec partners, known as Opec+.
