You're reading: Foreign Policy: The 2020 oil crash’s unlikely winner – Saudi Arabia

Foreign Policy: The 2020 oil crash’s unlikely winner – Saudi Arabia

Published May 7, 2020 at 5:24 am

(FILES) This file photo taken on December 12, 2019, shows a view of the sign showing the logo of Saudi Arabia's Stock Exchange Market (Tadawul) bourse in the capital Riyadh. - Saudi's stock exchange fell 6.5 percent, shares in oil giant Saudi Aramco dropped below their IPO price for their first time, and other Gulf markets tumbled to multi-year lows at the start of trading after OPEC and its allies failed to clinch a deal over oil production cuts. (Photo by FAYEZ NURELDINE / AFP)

Photo by AFP

With 4 billion people around the world under lockdown as the coronavirus pandemic grows, demand for gasoline, jet fuel, and other petroleum products is in freefall, as are oil prices. The price of a barrel of crude has been so low in the United States that sellers recently had to pay people to take it off their hands.