Explainer | Why did Saudi Arabia Start an Oil Price War?

Global benchmark oil prices took their biggest single day plunge in 30 years on Monday after Saudi Arabia said it would increase oil production even as global demand has slumped in the wake of the coronavirus outbreak.
In response, Asian stock markets closed significantly down on Monday with the carnage spreading to the US, where the Dow Jones Industrial Average closed down 2,013 points, or 7.8 per cent, in its single-day biggest point drop ever. The situation stabilised somewhat on Tuesday in Asia with benchmark indexes in Sydney, Hong Kong and Shanghai rising. Read More…