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Saudi Arabia and Russia Dig In for a Long, Bitter Oil-Price War

  • Russia’s Rosneft will start to increase production in April
  • Saudi Arabia is said to be ready for months-long battle
Bloomberg business news
Russia Vs. Saudi Arabia: Who Will Win Oil's Price War?
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Saudi Arabia and Russia dug in for a long and destructive oil-price war, as Moscow responded forcefully to Riyadh’s opening salvo.

If there was any doubt that the collapse of last week’s OPEC+ talks created a lasting rupture between the world’s top crude exporters, Russia dispelled it on Monday. Its largest producer will pump significantly more oil next month and Energy Minister Alexander Novak said the country’s share of export markets -- under attack from Saudi Aramco’s steep price cuts -- will be preserved.