Oil Price War: Saudis Target Russia, Flood Market, Prices Collapse

Something truly historic happened yesterday. And there is a tie-in to the Marcellus/Utica (which we’ll get to, stick with us). At its core, what happened yesterday is pretty simple to grasp, although most media stories you read either miss it or bury it. Last Friday Russia told OPEC it would no longer participate in coordinating production cuts with Saudi Arabia and the other OPEC countries in an effort to boost the price of oil (see Russia’s Vladimir Putin Declares War on American Shale Oil). Russia’s goal is to bury American shale oil producers.

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