Oil plunges 25% after Saudi Arabia cuts prices
Price war starts after Russia balks at making further steep output cuts proposed by Opec to stabilise markets
09 March 2020 - 08:03
Tokyo — Oil prices plunged about 25% on Monday, heading towards their biggest daily loss since 1991 after Saudi Arabia slashed prices and set plans for a big increase in crude production in April.
Prices fell as much as 31% after the Saudi move to start a price war after Russia balked at making the further steep output cuts proposed by Opec to stabilise oil markets hit by worries over the global spread of the coronavirus...
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