As the oil price war and coronavirus pandemic rage on, it’s becoming increasingly clear that the energy market can remain choppy and irrational longer than entire nations can stay solvent. Everybody is watching to see which of the leading protagonists between Saudi Arabia and Russia is going to be the first to blink as high supply and low demand threaten to overwhelm available storage facilities. Scores of oil-producing countries have adopted a raft of austerity measures and spending cuts as they attempt to outlive the biggest oil bust in living memory. Unfortunately, it’s the riskier corners of the global financial markets that will emerge as collateral damage in the ongoing oil price war. American credit rating agency Moody’s has warned the dramatic plunge in oil prices is likely to cut fiscal revenue and exports for most exposed oil-exporting sovereigns by more than 10 percent of GDP and, consequently, weaken […]