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oil prices plunge

Oil prices fell by 30%

2 mins read

The FINANCIAL — Oil prices plunged on Monday by around 30% as Russia on Friday refused to join the Organization of the Petroleum Exporting Countries [OPEC] in a large production cut. Because of that Saudi Arabia launched an aggressive price war. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel. Saudi Arabia will raise production and offer its crude at deep discounts to win new customers next month. Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to…

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Oil prices fell by 30%

2 mins read

The FINANCIAL — Oil prices plunged on Monday by around 30% as Russia on Friday refused to join the Organization of the Petroleum Exporting Countries [OPEC] in a large production cut. Because of that Saudi Arabia launched an aggressive price war. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a…