It was bloody Sunday for the world's oil markets, with prices diving by about 30 per cent at the opening, the biggest one-day collapse since the Gulf War in 1991. On its heels came financial-market carnage on Monday, with many equity indexes falling the most since October 2008, the year of the global financial crisis.
Sunday's oil-price crash, triggered by Saudi Arabia, the world's largest oil exporter, was a deliberately engineered event - a strategic and tactical move designed to grab market share in the short term and strengthen Saudi Arabia's position in the energy industry in the medium term by sidelining some of its competitors.
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