Oil prices may have sunk but the energy market fallout has only just begun

The main beneficiaries are likely to be the main consuming countries such as India and China, but even there oil companies will be affected.

What started with a breakdown in talks over a new production cut deal between OPEC+ heavyweights Saudi Arabia and Russia is now shifting to a renewed battle for market share without any extra oil having yet been pumped.

But the impact on the global energy industry from Texas shale plays to Bangalore road users could last well after coronavirus-led demand weakness disappears.

After Russia decided Friday against signing up to the 1.5 million b/d in extra production cuts on the table in Vienna, Saudi Arabia over the weekend announced the deepest cuts in history to its official selling price of