{"id":216341,"date":"2020-03-09T12:56:50","date_gmt":"2020-03-09T12:56:50","guid":{"rendered":"http:\/\/151.106.38.4\/2020\/03\/09\/oil-down-over-30-after-saudis-slash-prices-in-all-out-crude-war\/"},"modified":"2020-03-09T12:56:50","modified_gmt":"2020-03-09T12:56:50","slug":"oil-down-over-30-after-saudis-slash-prices-in-all-out-crude-war","status":"publish","type":"post","link":"https:\/\/nagalandpost.net\/index.php\/2020\/03\/09\/oil-down-over-30-after-saudis-slash-prices-in-all-out-crude-war\/","title":{"rendered":"Oil down over 30% after Saudis slash prices in all-out crude war"},"content":{"rendered":"

<\/p>\n

Oil markets fell the most since the US war in Iraq in 1991 after the disintegration of the OPEC+ alliance triggered an all-out price-war among the world’s biggest producers.<\/p>\n

In one of the most dramatic bouts of selling ever, Brent futures sunk by 31% in a matter of seconds after the open of trading in Asia on Monday after already suffering their biggest loss since the global financial crisis at the end of last week.<\/p>\n

Hammered by a collapse in demand due to the coronavirus, the oil market sank deeper into chaos on the prospect of a supply free-for-all. <\/p>\n

Saudi Arabia over the weekend slashed its official prices by the most in at least 20 years and signaled to buyers it would ramp up output — an unambiguous declaration of intent to flood the market with crude. Russia said its companies were free to pump as much as they could.<\/p>\n

“It’s certainly a high-risk, high-stakes approach,” Tim Fox, chief economist at Dubai-based lender Emirates NBD PJSC, said in a Bloomberg Television interview on Sunday. <\/p>\n

“The oil-price weakness is looking likely to extend and steepen, probably in coming weeks and months, unless there is some policy coordination to bring that to an end.”<\/p>\n

Aramco’s unprecedented pricing move came just hours after the talks between Organization of Petroleum Exporting Countries and its allies ended in dramatic failure. <\/p>\n

The breakup of the alliance effectively ends the cooperation between Saudi Arabia and Russia that has underpinned oil prices since 2016.<\/p>\n

The cuts in monthly pricing by state producer Saudi Aramco were the first indication of how the Saudis will respond, an opening salvo in the impending price war. <\/p>\n

Offering huge discounts in Asia, Europe and the U.S., the world’s biggest exporter will be hoping to entice refiners to purchase Saudi crude at the expense of other suppliers.<\/p>\n

 <\/div>\n","protected":false},"excerpt":{"rendered":"

Oil down over 30% after Saudis slash prices in all-out crude war<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667],"tags":[],"class_list":["post-216341","post","type-post","status-publish","format-standard","category-business"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/216341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=216341"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/216341\/revisions"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=216341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=216341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=216341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}