Oil price war: Who will blink first?
Oil war commenced. Russia fired the first shot in an oil price war by refusing to expand the existing OPEC+ deal. Saudi Arabia moved the conflict forward with the weekend announcement that it will not only not extend the existing deal, which ends March 31st, but will open the taps and sell cheap oil. Over the short-term the oil price looks set to test the January 2016 level of US$29.50 per barrel.