With the price of oil declining because of falling demand, OPEC held a meeting last Friday where it was expected members would agree to cut production to try and halt the drop by lowering supply. Russia unexpectedly refused and the oil price caved almost 10%. In response Saudi Arabia announced it will ramp up production while offering deep price discounts to damage Russia's finances, as well as its own and all other oil producers, in the hope they're forced back to the table. From what I've read the WTI oil price currently at $42 per barrel will head to as low as $20.

Saudi Arabia launches oil price war after Russia deal collapse - https://www.ft.com/content/d700b71a-...3-fe4680ea68b5