Riyadh’s actions in the oil market could be a grave miscalculation and will definitely backfire, but they will not make Moscow dance to its tune, analysts have told RT. Crude oil prices suffered the biggest one-day fall since 1991 on Monday after top oil producers failed to agree on new output cuts and Saudi Arabia decided to boost production and offer discounts. Such an upheaval inflicts pain not only on Russia and Saudi Arabia, but also on all the members of the Organization of the Petroleum Exporting Countries (OPEC). However, Riyadh is clearly going to lose this price war, says Eike Hamer, political commentator and publisher of the
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