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An intensifying oil price war between Saudi Arabia and Russia has created "very painful" market conditions for the world's largest crude producers, analysts have told CNBC, with many braced for Saudi Aramco, the national oil company of Saudi Arabia, is by far the largest oil company in the world. The company produces around 13% of the world's oil, but its business operations have been The unofficial $70-80 Saudi price target for oil may have been the reason behind Saudi Arabia’s reporting of oil production over the past two months, an industry source following the Kingdom’s oil production policies told Reuters. As Brent Crude prices were heading to $80, Saudi Arabia told Saudi Arabia: The price of gasoline is 0.58 U.S. Dollar per liter. For comparison, the average price of gasoline in the world for this period is 1.10 U.S. Dollar. The chart below shows the price of gasoline in the country relative to other countries. Saudi Arabia is back in control of the oil market again. It’s the “swing” oil producer, ready to raise production to "stabilize" oil prices. Saudi Arabia is currently producing about 9.7 million barrels of oil a day, far from its estimated capacity of 12 million barrels. Shares of Saudi Aramco, the Saudi national oil company, plummeted
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