Saudi Arabia has launched the ultimate oil power play. Here's what is stands to gain

Saudi Arabia has abandoned efforts to support crude prices and is preparing to flood global markets with cheap oil. It's a risky strategy that could result in lean years for a country that still relies on crude sales to drive much of its domestic economy.

London Saudi Arabia has abandoned efforts to support crude prices and is now preparing to flood global markets with huge volumes of cheap oil, a stunning shift in strategy that has pushed oil futures into a dramatic tailspin and set the stage for a battle royale with rival producers including Russia and the United States.

The world's biggest exporter of crude went to OPEC headquarters in Vienna a week ago to lobby other members of the group and allied producers such as Russia to extend and deepen coordinated production cuts in order to counter a steep drop in demand caused by the novel coronavirus outbreak.

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