Saudi Arabia declares oil price war!

The price of Brent crude fell more than three percent to $82 dollars a barrel – a four year low - on Tuesday after Saudi Arabia, the world’s biggest oil producer, cut its sales prices to the United States.

Commentators view this surprising move in the context of an intensifying battle for control of oversupplied energy markets. Saudi Arabia seems intent on squeezing US shale producers while fighting for US market share.

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Bruce Bruce Whitfield chats to Dr. Azar Jammine, Chief Economist at Econometrix, about this unprecedented development and what it could mean for South African petrol prices, inflation and interest rates in the near future:

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