Global Insight: Covid-19 complicates oil price war

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Whoever blinks first in the global oil price war, it will not mean an immediate return to higher prices at the pump, Professor Robert Patman predicts.

The University of Otago international relations specialist says the biggest tumble in crude oil prices in three decades was sparked by Russia and Saudi Arabia failing to agree on how to manage reducing demand caused by the Covid-19 virus outbreak.

The pandemic is both the cause of the oil price war and the complicating factor that might help keep petrol prices lower, Prof Patman says.

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