How Saudi Arabia is trying to CRIPPLE Russian oil industry by flooding world market and dropping price to 30-year low in fight over coronavirus that could hit Trump's re-election hopes by triggering US recession | WHAT REALLY HAPPENED

How Saudi Arabia is trying to CRIPPLE Russian oil industry by flooding world market and dropping price to 30-year low in fight over coronavirus that could hit Trump's re-election hopes by triggering US recession

Saudi Arabia slashed its oil export prices over the weekend and declared a price war with Russia that sent global markets reeling and marked the sharpest decline in oil futures since 1991.

The price drop came after Russia refused to sign on with a proposal by the Organization of the Petroleum Exporting Countries (OPEC) to cut production globally as the coronavirus outbreak has slowed the demand for oil.

OPEC nations met with allies like Russia on Thursday and Friday in Vienna to reduce oil production by an additional 1.5million barrels per day to stabilize the market starting in April through the end of the year.

But Russia refused to join to agreement.

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