Saudi Arabia officially declared a price war on its oil-producing competitors over the weekend. This comes as a massive secondary shock to the system in the face of the expected plunge in oil demand as COVID-19 continues to spread around the world. Many entities, ranging from the main belligerent in this new price war, namely Saudi Arabia, to shale producers have been expecting to operate within the context of WTI in the $50-$60/barrel range. Saudi Arabia, for instance, was expecting a deficit of around 6.5%, assuming Brent crude will be around $58/barrel. Shale operations, and