As the coronavirus crisis continues to grip the world, the markets have been on the shakiest ground yet since the 2008 economic recession - especially with regards to the price of oil. In the last few years, Saudi Arabia and Russia have developed a special relationship to stabilize oil prices in the face of growing competition from the Americans, who for the first time has begun to outpace both countries in terms of production. But when demand for oil began to fall precipitously in the face of COVID-19, the relationship ended in a messy way. Phil and Cooper break down the bad breakup and how it’s affected economies worldwide.
- Russia might not be ready for long-term OPEC commitment (Nikolay Kozhanov)
- Russia hoping to outdo Saudis over time in coronavirus-hit oil market (Max Suchkov)
- Does Moscow's withdrawal from OPEC-plus deal end Russia-Saudi honeymoon? (Nikolay Kozhanov)
- Intel: How the US is relying on Riyadh to reassure global markets (Elizabeth Hagedorn)
Extra Listening
- Episode #114, Double Double, Oil and Trouble (9/27/2019): Exploring the special relationship between the US and Saudi Arabia in the face of attacks on Saudi oil infrastructure.
Music: Elman - “Антигерой” (Spotify)
