Saudi Arabia, the second-largest oil producer in the world, and Russia, the third-largest oil producer, failed to reach an agreement to cut crude oil.

Saudi Arabia's state-owned oil company Aramco plans to increase its daily production from 9.7 million barrels to 12 million barrels this April, and plans to expand its maximum production capacity to 13 million barrels per day.

Russia also said it could increase 500,000 barrels a day.

Saudi Arabia's alliance to the United Arab Emirates has also entered the competition to increase production by one million barrels per day.

On the 6th, Saudi Arabia, the leader of the Organization for Petroleum Exporting Countries, discussed production cuts with non-OPEC countries considering the global economic impact of the spread of Corona19.

However, when Russia's opposition could not be reached, Saudi Arabia counterattacked through increased production.

Russia's objection to subtraction is analyzed because of the check against the United States, the world's No. 1 oil producer by the Shale Revolution.

Shale oil is expensive and has a high unit cost, so if the oil price continues to rise, the American shale industry can be damaged.

Saudi Arabia seems to have turned to a policy to increase its share of the oil market altogether, taking the risk of a longer oil price.

Oil importers may benefit temporarily, but some predict that other crude oil producers will have a devastating impact on the global economy's downturn.