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Saudi Arabia and Russia intensify ‘pretty aggressive’ oil price war with commitment to increase production
Saudi Arabia and Russia have intensified their oil price war, with both nations threatening to flood the world with hundreds of thousands of extra barrels of oil in the coming weeks.
The escalating game of chicken comes after Saudi Arabia last week asked OPEC+ members to collectively cut oil production by 1.5 million barrels per day, in a bid to “stabilise” falling prices amid the global economic upheaval caused by the coronavirus outbreak, but Russia refused.
- Gareth Hutchens
- ABC News
Russia’s dismissal of the idea prompted Saudi Crown Prince Mohammed bin Salman to announce huge price cuts for Saudi crude over the weekend — a move designed to…