In normal circumstances, a historic dive of over 30% in crude prices, prompted by the collapse of an alliance of 24 major oil producers, would have been a big boost for the import-dependent and energy-hungry emerging economies of Asia.
Opinion
Oil price crash will not offer help that Asian economies need
Long-term uncertainty has grown, overturning budgets and demanding cool heads
A crude oil import terminal in Qingdao, China, pictured in August 2019: the combination of easy money and cheap oil could worsen deflationary pressures. © FeatureChina/AP
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