Oil prices plunge as Russia feuds with Saudi Arabia

Riyadh is retaliating against Moscow’s refusal to cut oil production in response to coronavirus

A Kuwaiti trader checks stock prices at Boursa Kuwait in Kuwait City, on March 8, 2020. - Kuwait Boursa authorities stopped trading after the Premier Index slumped 10 percent while the All-Sh
A Kuwaiti trader checks stock prices at Boursa Kuwait in Kuwait City, on March 8, 2020
(Image credit: AFP via Getty Images)

Russia and Saudi Arabia have kicked off an oil price war after Moscow torpedoed an Opec deal to cut production in response to a fall in demand caused by the coronavirus outbreak.

In response, Saudi Arabia, the de-facto head of Opec, has gone on the offensive. Rather than restricting supplies, handing the Russians the chance to expand their market share, the kindom has opened the taps.

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William Gritten

William Gritten is a London-born, New York-based strategist and writer focusing on politics and international affairs.