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
2 of 5
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
3 of 5
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
4 of 5
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
5 of 5
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
This website stores cookies on your computer. These cookies are used to improve your experience and provide more personalized service to you.
Both on your website and other media. To find out more about the cookies and data we use, please check out our Privacy Policy.
