In clash of oil titans, the US shale industry could be biggest loser
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A trader walking beneath a stock display board at the Dubai Stock Exchange in the United Arab Emirates. The Saudi-Russian oil arrangement collapsed last Friday, when Saudi officials were stunned to discover that Russia not only refused to consider production cuts, but also had no interest in discussing production quotas in the future.
PHOTO: AGENCE FRANCE-PRESSE
Jonathan Eyal Global Affairs Correspondent In London, Jonathan Eyal
The collapse in the price of oil is, in many respects, an unavoidable consequence of the global slowdown triggered by the coronavirus crisis.
Preliminary figures for the first two months of this year indicate that Chinese oil imports, for instance, have shrunk by as much as 20 per cent - a fall matched by reduced demand from other key energy consumers.