Economy
Putin and MBS Draw Trump Into Grudge Match for Oil Supremacy
- All three countries stand to suffer from oil price plunge
- Spat’s resolution will depend as much on politics as economics
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There’s a battle of economic might in the global oil patch, and it’s rapidly turning into a tussle of wills between the leaders of Saudi Arabia, Russia and the U.S.
Mohammed bin Salman, the 34-year-old Saudi crown prince, escalated an oil-price war on Tuesday with a move to flood the market with crude, a day after the oil market suffered its deepest rout since 1991. Vladimir Putin of Russia, helped kick off the fight in the first place to inflict a blow on the U.S.