TIME

Russia and Saudi Arabia’s battle royal over oil price

FOR THREE YEARS, Russia and Saudi Arabia had a deal. Together, they used their collective market power to put a floor under oil prices by limiting their production. Then, about two weeks ago, it all broke down. The Saudis, in response to slowing demand for oil, wanted to cut production further to keep prices stable. The Russians adamantly disagreed. They wanted to produce more.

That’s when the Saudis moved to teach Russia a lesson.

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