Price25 Jan 2016 23:02
In the early ‘80s, OPEC members—Saudi Arabia aside—were producing oil above the agreed upon caps. By 1986, Saudi Arabia, frustrated with all the cheating, gave up on limiting its own production. It flooded the oil market and sparked a 55% freefall in prices. Not so long after, the stock market plummeted 22.6% in a single day—the single biggest loss in the market’s history.