- Oil prices are down nearly 50% for the year after OPEC+ talks collapsed and Saudi Arabia announced slashed prices in an apparent price war with Russia.
- With previously agreed OPEC+ production cuts expiring at the end of March, Saudi Arabia and Russia can theoretically pump as much crude as they want.
- An oil price war will have massive geopolitical consequences, pummeling markets already shaken by the new coronavirus, COVID-19.
Could the current "oil war" between Russia and Saudi Arabia be the conflict I foresaw? If so, a sharp rise of the oil price can be expected in the events of upcoming steps. I also published in the same prediction:
“The oil price will sky rocket to a level nobody ever dreamed about.”