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4/1, 1:35 PM (Source: TeleTrader)
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Saudi-Russia oil war may last until 2021 - analyst

The oil price war between Russia and Saudi Arabia could last until the end of the year if the two sides don't reach a breakthrough in the negotiations, Emirates NBD's analyst Edward Bell warned on Wednesday.

"This was always going to be an inevitability of the production-cut strategy that OPEC+ had been adopting," Bell told CNBC, adding that "Saudi Arabia wasn't going to restrain production infinitely and allow for other producers in the rest of the world to take away its market share."

Meanwhile, Saudi Aramco's crude oil production reached earlier in the day the targeted 12.3 million barrels per day as the Saudi national petroleum advanced with increasing the oil output.

Breaking the News / ND