This is an unprecedented shock since the 1991 Gulf War: the price of a barrel of oil lost up to 30% during the day, Monday. Fueled by the coronavirus pandemic, triggered on Sunday by Saudi Arabia, an oil and stock market crash is shaking the entire planet.
Why this brutal oil collapse?
For weeks, the coronavirus epidemic has paralyzed global activity. Born in China, the champion country for crude consumption (13% of world demand), it has reduced oil consumption and caused prices to plummet in a worrying way for members of OPEC, the organization of exporting countries. Riyadh hoped to convince Russia and its other allies to cut production further to stem the decline in crude oil. But discussions failed on Friday.
To everyone's surprise, Saudi Arabia is making a 180 ° turn: it announced the reduction of its prices and the increase in its production from April.
The explanations for choosing this unexpected price war vary. For
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