On March 6, 2020, after OPEC and Russia's talks on limiting crude oil production broke down, Saudi Arabia then unilaterally launched a crude oil price war. In less than two weeks, the price of crude oil broke through the psychological threshold of $25 a barrel. At the same time, the COVID-19 continues to spread around the world, and the global economy and financial markets are in crisis. In this background, we believe that the development of the international crude oil market will have the following characteristics: firstly, the tripartite game among Saudi Arabia, Russia and the United States will continue to disrupt the world crude oil market pattern; secondly, the crude oil price war will be upgraded to a domino of the capital market; thirdly, low oil prices may delay the development of renewable energy. If oil prices remain at a relatively low level for a long time, it will be detrimental to the long-term layout of new energy technology innovation and investment.
