Saudi Arabia criticises Russia over oil price collapse

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Saudi Arabia criticises Russia over oil price collapse

Apr 04, 2020 15:17 IST

Tensions rose ahead of emergency meeting of OPEC as Saudi Arabia criticised Russia on Saturday, claiming Moscow had blamed the kingdom for the collapse in global energy prices. Oil prices fell after OPEC countries, including Russia, failed to agree to production cuts, triggering a price war that led to Saudi Arabia threatening to pump at a record-breaking pace to seize back market share even as the coronavirus pandemic saw demand sharply drop. The Brent crude fell to around $24 a barrel in early 2020, compared to prices of over $70 a year ago.

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