Since oil is sold internationally on global markets cutting the price would mean lower dollar circulation, diminishing its value in the global currency market. "If prices decrease in the global market, the emerging shale industry will die,” Putin said.
IOW, like all Marxist thugs, Pooty-Poot doesn't know what he's talking about when it comes to the market economy, AKA the economy of the world.
A lower price of oil means fewer dollars needed to buy it, which makes the dollar worth more, not less.
Cutting off the Neo-Soviet Empire's oil market would finish up his entire game; it would also push UP the worldwide price, and production would rise to meet that demand.
And a good many of those sources would be shale sites.
The GCC (includes the Saudis) could make up the shortfall from an embargo against Pooty-Poot's gangland operation, and could maintain that for years. In OPEC, the Saudis only have trouble keeping production DOWN, not up.