'Crazy' Saudi oil price cuts seen reigniting market share war with Russia

Deal between Russia and OPEC shook on Friday when OPEC, led by Saudi Arabia, failed to reach agreement with the world's No. 2 oil producer Russia to deepen production cuts aimed at shoring up prices.

Asian oil traders are bracing for another round of hefty price falls on Monday in key benchmarks Brent and Dubai after the world's top exporter Saudi Arabia slashed prices, reigniting a market share battle among key producers.
 

The world's top producers including Saudi Arabia, Russia and other Middle East producers were last locked in a market share war between 2014 and 2016 as they tried to squeeze out shale production from the United States by reducing prices and offering more supplies to Asia.
 

The battle ended when the Organization of the Petroleum Exporting Countries (OPEC) and Russia struck a deal