Why the OPEC-Russia Blowup Sparked All-Out Oil Price War

First Russia tossed a hand grenade into global oil markets. Then Saudi Arabia dropped a bomb. After the dramatic collapse of an alliance between the OPEC oil cartel and Russia, a plunge in the price of oil to an 18-year low sent shockwaves through financial markets already reeling from the fallout of the coronavirus pandemic. The blowup of Russia’s deal with the 13-member club of oil exporters — an alliance that has underpinned world oil prices for three years — triggered a sudden price war.

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