Why consumers won’t gain from cheap oil
- The Saudis cannot afford a price war for very long. And Indian consumers have rarely benefited from lower prices
- The Saudis are trying to kill two birds—the US shale oil industry and the Russian oil industry— with one stone. Given the pressures, it is not in a situation to sustain low oil prices for long
On 6 March crude oil prices crashed big time, as the cosy deal between Saudi Arabia-led the Organization of the Petroleum Exporting Countries (Opec) and Russia broke down.
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