* Most energy analysts have dismissed the idea that Saudi Arabia and Russia’s price war has been specifically designed to target U.S. shale, but the industry is expected to bear the brunt of the pain.
* Some believe the worst hit from a sharp drop in oil prices will be long-time allies of de facto OPEC leader, Saudi Arabia.
* “Even at $30, something is going to happen … We are not going to stay here. We can’t,” Chris Weafer, a senior partner at Macro-Advisory, told CNBC.
An intensifying oil price war between Saudi Arabia and Russia has created “very painful” market conditions for the world’s largest crude producers, analysts have told CNBC, with many braced for sliding revenues over the coming months.
International benchmark Brent crude traded at $32.97 Thursday, down almost 8%, while U.S. West Texas Intermediate (WTI) stood at $30.40, around 7.8% lower. Oil prices have almost halved since the start of the year.
The downturn for crude futures comes shortly after talks between OPEC kingpin Saudi Arabia and non-OPEC leader Russia broke down.
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WNU Editor: Consumers are the definite winners. Asian and European countries are also winners. The losers are OPEC and non-OPEC oil producers like Russia, Canada and Angola .
Oil price war: Saudi Arabia, US, Nigeria among big losers — DW
Analysts Reveal Which Country Stands to Benefit From the Recent Oil Price Collapse — Sputnik
Oil price war between Saudi Arabia, Russia set to offer China’s coronavirus-hit economy welcome relief — SCMP
Never mind punishing the US, Russia and Saudi Arabia’s oil price war will hurt all producers — Tilak K. Doshi, SCMP