At the beginning of the week, crude oil prices tumbled by nearly 30 per cent to levels of around $30 per barrel from their closing levels of around $42 per barrel on Friday night. The cause of the decline was the decision by Saudi Arabia to increase its crude oil production by 1.5 million barrels per day and effectively flood the oil market with increased oil supply.  The decision was completely unexpected; markets previously anticipated that OPEC and Russia would come to an agreement on production cuts at last week’s OPEC meeting in Vienna.  Russia was apparently unwilling to countenance…

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