Persian Gulf ready to weather storm

摘要

THE ongoing oil market rout is set to get worse amid overflowing inventories and fast-dissipating demand triggered by the relentless march of Covid-19 across the globe. Yet Saudi Arabia and its Persian Gulf allies are speeding up a price war that is bound to prolong the misery for other less wealthy producers. It is all about market share these days and Saudi Arabia is betting that it and allies Abu Dhabi and Kuwait will emerge victorious thanks to their low-cost reserves and ability to endure prolonged hardship.