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In the history of crude oil, the price tumbled during each price war. In 1985, Saudi Arabia, after years of shouldering OPEC production cuts nearly by itself, gave up and launched a price war. Prices collapsed almost 70% between November 1985 and May 1986. The kingdom crashed the market again in 1997, as its patience worn thin by overproduction in Venezuela. Brent crude price plummeted to all-time low of $9.55/bbl in December 1998. In 2014, Saudi Arabia slashed pricing of its crude exports, and oil prices began to decline, due to increasing U.S. production.
Daily Brent crude oil futures in 2014