Oil registers its worst fall since 1991
After Saudi Arabia began a "price war," the cost of the barrel was approximately $ 30
During the night of Sunday, March 8, oil prices registered one of its worst falls since 1991.
Everything came after Saudi Arabia shocked the market with the start of a “price war” against its former ally, Russia.
This caused US oil to plummet 27%, to a minimum of $ 30 per barrel.
Brent crude, world reference, also fell 22% to $ 35 per barrel. Both are on their way to their worst day since 1991, according to Refinitiv.
This war was generated after the implosion that was within the oil alliance between OPEC and Russia last Friday.
Russia refused to join OPEC’s efforts to rescue the oil market affected by the coronavirus by cutting production.
But then Saudi Arabia intensified the situation over the weekend. The kingdom cut its official sales prices for April by $ 6 to $ 8, according to analysts, in an attempt to regain market share and increase pressure on Russia.
K. Tovar
Source: CNN
