Price War!
The Financial Times reports that Opec warns of oil price war with Russia.

The Organisation of Petroleum Exporting Countries said on Friday it was prepared for a price war unless Russia took steps to curb its rapidly growing production.

A senior Opec official said the cartel, which supplies about a third of the world's oil, was becoming increasingly frustrated by Russia's improving relationship with the US and its growing share of the world market.

"The Russians are playing a dirty political game with Opec and it is becoming very hard to trust them. If they are keen on having a price war, so be it. It is time we abandoned the soft approach and became more aggressive," said the official.

...

In February this year Russia briefly overtook Saudi Arabia, the leading member of Opec, as the world's biggest oil producer.

Leo Drollas, oil analyst at the Centre for Global Energy Studies, said any move by Opec to drive down the crude price would be "nonsensical".

"The only way Opec could win the market share issue would be by dropping prices to $12-$15 a barrel and that would hurt Opec countries more than Russia," he said.

Looks like the Mercedes dealers in the OPEC countries will have to tighten their belts.