Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with Russia.
'Painful … but temporary'
Markets had been hoping for an agreement between Saudi Arabia and Russia, as well as other OPEC and non-OPEC producers, in order to curb oil output and prop up prices; their failure to agree led oil prices to crash on Monday." situation in energy markets, with U.S. shale expected to take the brunt of the pain.
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