in economic terms, how would you describe Saudi Arabia and Russia's oil price war?

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Economics

in economic terms, how would you describe Saudi Arabia andRussia's oil price war?

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Two of the worlds largest oil producers Saudi Arabia and Russia are set to increase production dramatically this month after an agreement between OPEC and its allies to lower output expired at the end of March OPEC countries have teamed up to reduce their supply to the market since 2017 but failed to reach a deal Riyadh and Moscow then separately announced that they would flood the market with oil in April That against the backdrop of demand destruction due to the global coronavirus pandemic has crushed oil prices Crude oil benchmarks plunged to 18year lows on Tuesday and have fallen more than 60 since the beginning of the year Slide in oil demand As early as midJanuary the future of oil demand came into question as the coronavirus spread prompting factory closures and See Answer

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