Oil prices plummet after Saudi Arabia slashes its official selling prices and sets plans for a dramatic increase in crude production next month. More here:
NEW YORK - Oil prices crashed on Monday, suffering their biggest daily rout since the 1991 Gulf War, after the collapse of an OPEC+ supply agreement that now threatens to overwhelm the world with oil, inciting panic throughout the energy sector.
Brent crude futures LCOc1 were down $8.84, or 19.5%, to $36.43 a barrel by 10:49 a.m. EDT . They earlier fell by as much as 31% to $31.02, their lowest since Feb. 12, 2016. A three-year supply pact between members of the Organization of the Petroleum Exporting Countries, which includes the group’s top producer Saudi Arabia, and Russia fell apart on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus.
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