On Friday, the oil market’s worst fears came true: OPEC+ failed to agree on how to deal with the coronavirus’ effect on oil demand, sending oil prices plunging. But with the start of the new week came new horrors for the oil market, with Russia and Saudi Arabia waging a full-on oil price war as both prepare to increase oil production and flood the market. And now, the market is left wondering which mega oil producer will cry uncle first: Saudi Arabia or Russia. But a third-wheel in this oiltastrophe is none other than US shale, and both Russia and Saudi Arabia are likely rooting for the death of America’s oil production, which undermined OPEC+’s best efforts to manage the market thus far. Amid this catastrophic development that saw an ugly end to the Saudi Arabia and Russia relationship, analysts and banks are scrambling to redo their oil price […]