Saudi Arabia started a price war with Russia because it refused to accept production cuts.

The Press Review by Inforos and articles by CNBC and Foreign Policy support the claim.

The Press Review by Inforos and articles by CNBC and Foreign Policy support the claim.An agreement between the OPEC members and Russia fell apart when Russia refused to cut oil production. OPEC ministers presented an agreement with an additional 1.5 million barrels per day(bpd) of oil cuts until the end of 2020, in addition to rolling over existing cuts of 2.1million bpd. With Russia refusing to sign on the agreement, the market prices of oil sharply declined. This move led to Saudi Arabia slashing its selling prices for its oil and it later announced plans to increase oil output, further driving down the price of oil that was already plunging due to the disease outbreak, hence starting a price war.

Russia and Saudi Arabia are two of the largest oil procedures in the world.