A worker checks the valve of an oil pipe at the Lukoil-owned Imilorskoye oilfield, outside the west Siberian city of Kogalym, Russia, in January 2016. Photo: Reuters
Kerry Craig
Opinion

Opinion

Macroscope by Kerry Craig

Will Saudi-Russia deal to end the oil price war be enough as coronavirus-battered global economy grinds to a halt?

  • When the oil price war began, no one had accounted for the economic damage that would be caused by Covid-19, or how demand for oil would evaporate
  • The reality is that oil under US$30 per barrel is not sustainable for either country when oil revenue is a crucial source of income to fund fiscal spending
A worker checks the valve of an oil pipe at the Lukoil-owned Imilorskoye oilfield, outside the west Siberian city of Kogalym, Russia, in January 2016. Photo: Reuters
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