In April, Saudi foreign and energy ministers issued statements criticizing Putin and accusing Russia of not participating in the OPEC+ deal. [38] On March 8, 2020, Saudi Arabia launched a price war with Russia that allows for a 65% quarterly drop in the price of oil. [1] In the first weeks of March, US oil prices fell by 34%, crude oil by 26% and Brent oil by 24%. [2] [3] The price fight was triggered by a breakdown in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over planned oil production cuts amid the COVID-19 pandemic. [1] Russia left the agreement, which led to the fall of the OPEC+ alliance. Oil prices had already fallen by 30% since the beginning of the year due to a drop in demand. [4] The struggle for prices is one of the main causes and effects of the global stock market crash that followed. [5] “Saudi Arabia and Russia agree on the one-month extension,” an OPEC source said.