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{{Current event}}
'''Russia–Saudi Arabia oil price war of 2020''' is an economic war triggered in March 2020 by [[Saudi Arabia]] in response to [[Russia]]'s refusal to reduce oil production in order to keep prices for oil at moderate level, since its consumption fell dramatically due to [[2019–20 coronavirus pandemic]]. This economic conflict resulted in a sheer drop of oil price over the spring of 2020, with the price becoming negative on April 20 (oil production can not be stopped completely, but even the lowest possible production level generates
On 8 March 2020, [[Saudi Arabia]] initiated a [[price war]] with [[Russia]], facilitating a 65% quarterly fall in the [[price of oil]].<ref name=trent/> Over a few weeks,{{cn|date=April 2020}} US oil prices{{ambiguous|date=April 2020}} fell by 34%, [[Petroleum|crude oil]] fell by 26%, and [[Brent Crude|Brent oil]] fell by 24%.<ref>Compare: {{Cite web|url= https://www.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html |title= Oil crashes by most since 1991 as Saudi Arabia launches price war|last= Business|first= Matt Egan, CNN|website= CNN|date= 9 March 2020 |access-date= 10 March 2020| quote = Oil prices suffered an historic collapse Monday after Saudi Arabia shocked the market by launching a price war against onetime ally Russia.<br> US oil prices crashed as much as 34% to a four-year low of $27.34 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market share.<br> Crude finished with a staggering loss of nearly 26% to settle at $31.13 a barrel. Brent crude, the global benchmark, plunged 24% to close at $33.36 a barrel.}}</ref> The price war was triggered by a breakup in dialogue between the [[OPEC|Organization of the Petroleum Exporting Countries]] (OPEC) and Russia over proposed oil-production cuts in the midst of the [[2019–20 coronavirus pandemic]].<ref name=trent/> Russia walked out of the agreement, leading to the fall of the [[OPEC Plus|OPEC+]] alliance. Oil prices had already fallen 30% since the start of the year due to a drop in demand.<ref>
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