How long can the vicious oil-price war between Saudi Arabia and Russia last? If history is any guide, the battle will be a long one.
Riyadh has waged four price wars, including the current one, over the last 35 years. All of them lasted at least a year, and prices plunged at least 50%.
This time may be different, of course -- there’s never been a demand shock so great at the same time as the supply shock. But the last wars are at least a guide to the pain thresholds of policymakers.