Russian geopolitical objectives in the current oil price crisis, and implications for Canada
Journal: The School of Public Policy Publications
Year: 2020

Following the end of unsuccessful negotiations in March 2020 at OPEC headquarters in Vienna regarding oil production cuts, in the early March in Vienna (headquarters of OPEC), Russia and Saudi Arabia de-facto launched a prise war that resulted in a significant drop in oil prices (just as the COVID pandemic caused a concomitant drop in demand for oil), which in turn led to earthquake on the global oil market. As a result, prices of oil that plays an essential role for economies of both countries