Vladimir Putin, the Russian president, is being forced to consider a fire sale of state assets even as he steps up the bombing of opposition forces in Syria. Waging a war of words with Iran, Saudi Arabia is planning its debut on international bond markets. Nigeria has started talks about assistance from the World Bank. Venezuela careers from bust to bankruptcy. Welcome to the world of $30 oil.

Conversations about the oil market once started from two ironclad assumptions.Cheap oil was good for global growth because consumers are more inclined than producers to spend windfall gains and disturbances in the Middle East would send prices higher so the west should back the Arab autocrats who kept the wells pumping.

Received wisdom has been upended. The fall from $100 a barrel in 2014 should have seen consuming nations throwing their hats in the air. Not a bit of it. Europe, beset by stagnation and overwhelmed by refugees, has other things on its mind. The US, now producer as much as consumer, is stuck with anaemic growth. China, the world’s thirstiest economy, has its own challenges. Global equity markets have tumbled in tandem with the oil price.