The collapse in oil prices is perilous for the region’s key producers. Following the collapse of Opec+ discussions last week (MEES, 6 March), prices crashed around 30% on Monday – the biggest single-day crash since 1991.

And subsequent announcements this week that Saudi Arabia and the UAE plan to add as much as 3.6mn b/d to the market have increased the downwards pressure (MEES, 13 March). (CONTINUED - 2868 WORDS)