2020 Russia–Saudi Arabia oil price war

In 2020, a "price war" began between Russia and Saudi Arabia over oil. This means that both countries wanted to sell more of their oil (a type of fuel) than the other. To do this, they both decided to lower the prices for the oil they sell. This caused the price of oil to drop worldwide. It affects all of us because the lower prices mean more people can buy oil, which helps keep prices of other things down. So, it's good news for us - but not so good news for Russia and Saudi Arabia, who are losing money because they are selling their oil for cheaper.