The international oil price has taken a significant hit – as a result of Saudi Arabia upping oil production.

The Australian share market has shed billions of dollars in early trade today – as investors react to the decision by Saudi Arabia to essentially flood the market.

CEO of the Motor Trades Association Stephen Moir told Gareth Parker on Mornings they’re ‘bully boy’ tactics.

He says the oil price dropped more than 10 percent on Friday and has plummeted further today which could reduce prices at the bowser.

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