Price WarSaudi Arabia unleashed a price war in March when it slashed official selling prices by the most in three decades.
The kingdom took that drastic step after failing to reach an agreement with Russia to extend production cuts in the face of the pandemic’s destruction of oil demand.After Tweets, phone calls and top-level consultations, OPEC+ returned to negotiations and hammered out the biggest output curbs in history, pledging to take nearly 10 million barrels a day off the market.
U.S. production plunged by roughly 2 million barrels daily as low prices drove producers to shut wells.OPEC+ chose on Saturday to renew production limits at almost the same level, instead of tapering them as planned at the end of June.