Saudis instigate oil-price clash with Russia

Oil prices crashed to their lowest levels since 2016 after Saudi Arabian state oil giant Aramco said it plans to cut prices, a move that escalates the kingdom’s clash with Russia and threatens to unleash a torrent of crude into well-supplied energy markets.

The Saudi gambit is part of an aggressive campaign to snatch some of Moscow’s market share, according to delegates from the Organization of the Petroleum Exporting Countries and Saudi officials. It comes after a longstanding partnership between some of the world’s largest oil producers, including Saudi Arabia and Russia, splintered on Friday. The sides failed to reach an agreement on production cuts to support the price of oil in the face of the coronavirus-related economic slowdown.