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Saudi Arabia and Russia have come under fire from the U.S. shale industry for allegedly driving down the price of oil in efforts to cripple the American energy industry. A move that came as the coronavirus evaporated demand sending crude prices to the $20 per barrel level, now down 67 percent this year.
When Saudi Energy Minister Prince Abdulaziz Bin Salman was asked point-blank if that was the intent by FOX Business' Maria Bartiromo, he denied the allegations.
"Never, I have friends, I have pals, we have good relationships with them, I was in public many times in December saying we like them, we want to prosper with them, and we never engaged in a so-called zero-sum game," he said.
Last month, Oil Tycoon Harold Hamm, who runs Continental Resources, accused both the Saudis and the Russians of dirty pool.
“They’re taking advantage of this coronavirus pandemic that’s sweeping the world to focus in on this industry and devastate it,” Hamm, founder and executive chairman at Oklahoma City-based Continental Resources Inc., said during an interview on FOX Business’ “Cavuto Coast to Coast” last month. "That's not gonna happen. We're gonna take action on them. We're gonna investigate that."
Over the weekend, with the prodding of President Trump, OPEC instituted a historic price cut to help put on a floor under oil prices.
In the days prior, Trump held several calls with Russian President Vladimir Putin and both Saudi Arabia's King Salman and Crown Prince Mohammed bin Salman his son.
Abdulaziz Bin Salman thanked Trump for his work in getting the cut finalized.
Despite the move, oil dropped another 10.2 percent on Tuesday.