AS OIL price wars go, the current one unleashed by Saudi Arabia against Russia, its erstwhile partner in price fixing, is unique. The timing, in the midst of a global coronavirus health and economic crisis, has added yet another element of uncertainty into the mix.
Since 2016, the Saudi-led Opec and Russia have had a working arrangement, dubbed Opec+. It enabled the two sides to prop up prices by cutting supply whenever oil prices dipped. This time, Riyadh wanted to cut oil supplies by 1.5 million...