The fallout caps a seismic decade for oil manufacturers
and Russia are used to fighting their enemies via proxies. But the oil-price war that has broken out between them is head-on and has swiftly escalated. It started when Russia refused to slash production during a meeting with the Organisation of the Petroleum Exporting Countries in Vienna on March 6th. Saudi Arabia,’s de facto leader, hit back with discounts to buyers and a promise to pump more crude. Shortly thereafter it said it would provide customers with 12.
The fallout caps a seismic decade for oilmen. Power has shifted between Saudi Arabia, Russia and America . In 2014 Saudi Arabia sought to check America’s ascendant shale industry by flooding the market with oil. The result was cataclysmic for all producers. Two years laterIn recent years, though, Russia has flouted the terms of its deals with. Its oil companies, led by Rosneft, have chafed at market share lost to American frackers.
The pain may be most acute for smaller, unstable countries dependent on oil revenue, such as Nigeria. Iraq’s government is already teetering—a collapsing oil price may topple it. The movement of forward contracts on Gulf currencies pegged to the dollar, such as Oman’s rial, suggest incipient concerns about the ability to sustain the pegs if dollar revenues from oil remain depressed for a long time.
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