RE:Oil Crashes To $27usd In case anyone missed the big news over the weekend, Saudi Arabia stunned markets with plans to raise its production significantly after the collapse of OPEC’s supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that sent prices down by about two thirds. The shock in oil was seismic, with Brent crude futures sliding $12 to $33.20 a barrel in chaotic trade.