Singapore — Saudi Arabia's decision to cut its crude oil prices sharply over the weekend has added pressure on other Middle East producers to follow suit or risk losing market share, setting the stage for a price war in the region, market participants said Monday.
Saudi Arabia, over the weekend, announced deep cuts in the price of its oil for customers globally after falling out with Russia on further production cuts to support prices. The price cuts were deepest for Europe -- a move that's widely seen as a direct challenge to Russia -- one of the region's biggest oil supplier.
