Reasons behind market panic investigated: Has Saudi Arabia learned from its past oil gambling mistakes? ...United Arab Emirates

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Reasons behind market panic investigated: Has Saudi Arabia learned from its past oil gambling mistakes?
source : Russia Today ( United Arab Emirates ) () 103
The country that pulled the final trigger to send oil prices into a freefall, Saudi Arabia, may suffer most from the oil market turmoil, analyst Kamel Wazne says, noting that Riyadh has already made such an error before. Global markets were already on edge due to slowing economic growth and the coronavirus epidemic, when OPEC and allied oil-producing states failed to come to an agreement last week. As Russia turned its back to deeper output cuts fearing that the US would just take its market share, Saudi Arabia decided to restrain itself from cutting production and offer a discount for its crude exporters. A

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