While Opec’s de facto leader Saudi Arabia trades blows in a war for market share with Russia after their three-year pact to cut oil supplies collapsed last week, other Opec States are already sounding the alarm over plunging oil prices. Crude lost as much as a third of its value this week after Friday’s meeting between Opec and its allies, including Russia, ended in acrimony and led to scrapping all restrictions on output in a market already awash with oil.
