“A Pyrrhic victory is a victory that inflicts such a devastating toll on the victor that it is tantamount to defeat. Someone who wins a Pyrrhic victory has also taken a heavy toll that negates any true sense of achievement or damages long-term progress.”
The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified.
The disastrous impact of the Corona Virus on global economic growth and investments is clear. After that an ever-growing list of countries is locking down their societies, bringing not only life but also economies to a standstill, introducing already recession to several of them, signs are on the wall that 2020-2021 will not be a very good year for investments and projects.
The global energy market is in chaos as the impact of the Corona Virus and the unexpected Russia-OPEC oil price has removed the bottom under oil and global share price settings in general. The longevity of oil price war is still unclear, as producers such as Saudi Arabia, Russia and the UAE will be carefully assessing the possible negative impact on their own economies, but at present short-term volatility is extremely high. Already reeling from the extremely negative impact of the Corona Virus, global equity and bond markets were blind-sided by the onset of a global oil war, further increasing volatility at a time when the negative impacts of the Corona Virus on global growth and trade are yet to be fully realised.
As the world watches an oil price war unfold between Russia, OPEC, and US shale, another major crisis is looming in the Middle East.
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