The dispute erupted last month and has driven down the price of oil in a market struggling under the coronavirus pandemic.
and help settle the conflict. U.S. shale production has upended global oil markets in recent years, making the country the world's leading producer.
The price of Brent crude — one of the two major benchmarks for global oil prices — fell as low as $22.58 dollars per barrel on Monday, down from above $63 in January. Credit ratings agency S&P has warned that global oil prices could fall as low as $10 per barrel this year.
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