Saudi Arabia wins oil price war - at a huge cost

Riyadh (AFP) – Saudi Arabia may have won a brief no-holds-barred oil price war with Russia, but observers say it hastened a coronavirus-led energy slump despite a subsequent historic deal to slash production.US crude oil futures crashed into negative territory for the first time in history on Monday amid a supply glut that was further compounded by the price war that began in March.OPEC kingpin Saudi Arabia ramped up oil output to record levels in March and April and offered substantial discounts in retaliation for Russia’s refusal to tighten its supply in a wider effort to prop up prices.That…

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