Plunging demand, surging supply, and strained storage capacity have put so much downward pressure on oil prices that producers are now considering shutting-in oil wells. The magnitude of these en mass shut-ins could be the largest since the mid-1980s, Bloomberg’s Javier Blas writes . It was in 1985-1986 when OPEC’s de facto leader and largest producer, Saudi Arabia, abandoned production restraint to regain market share, roiling oil markets in the process. In an eerie semblance to events from 35 years ago, the Saudis dusted off the old ‘bankrupt-them-all’ playbook earlier this month after Russia refused to back deeper OPEC+ production cuts. The Kingdom is intent on flooding the market with oil as of this week, and it seems it is not backing down from the oil price war. If the market had to process just the supply surge after the collapse of the OPEC+ coalition, it could have digested […]