Oil prices tumble 25% as 'price war' begins

Oil falls as Saudi Arabia, Russia face off in a new oil 'price war'

Published: March 09, 2020 10:38 Jay Hilotin, Senior Assistant Editor

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PRICE CRASH: Oil prices plunged over 25 per cent on Monday after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. Image Credit: Gulf News archive

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ASIAN TRADE: The two main contracts both lost about a fifth of their value in morning Asian trade, with West Texas Intermediate sliding to about $30.15 a barrel and Brent crude to about $33.60 a barrel. Image Credit: Gulf News

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BIGGEST PRICE CUTS IN 20 YEARS: Saudi Arabia launched an all-out oil price drop Sunday with the biggest cut in its prices in the last 20 years, Bloomberg News reported, after a failure by OPEC group and its allies to clinch a deal to cut production. Image Credit: AP

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MAIN PRODUCERS: A worker at an oilfield owned by Bashnef in Bashkortostan, Russia. A meeting of main producers was expected to agree to deeper cuts to counter the impact of the new coronavirus — but Moscow refused to tighten supply. Image Credit: Reuters

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PRICE CUT: In response, the Gulf powerhouse cut its price for April delivery by $4-6 a barrel to Asia and $7 to the United States, with Aramco selling its Arabian Light at an unprecedented $10.25 a barrel less than Brent to Europe, Bloomberg said. Photo shows Saudi Aramco's Abqaiq oil facility in eastern Saudi Arabia. Image Credit: Reuters

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