March is shaping up to be quite a month – the novel coronavirus (COVID-19) event, an oil shock, worse than expected SA growth data and a Moody’s rating review for South Africa (SA). The surprise news over the weekend was Russia not agreeing to oil production cuts at the OPEC meeting. In response, Saudi Arabia slashed its oil prices and also increased its production with the effect that the oil price has moved sharply lower, dropping to around $30/barrel. We suspect that global volatility and a risk off sentiment may persist for several weeks or even longer

The Impact of COVID-19 (Coronavirus) and the Saudi Arabia-Russia oil war on the economy