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Why Saudi Arabia launched oil price war against Russia 02:00Global markets are plunging after an alliance between Russia and the international oil cartel OPEC imploded, causing the worst one-day crash in crude oil prices in nearly 30 years. The alliance between the two entities involved restraining oil supplies in order to support prices. However, when OPEC proposed further production cuts to bolster a market already battered by coronavirus fears, Russia said no.
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