Saudi Arabia has announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the U.S. and Europe. Paired with its ability to rapidly increase production, those price cuts will push the price of oil down for everyone.
Nick Oxford/ReutersOil prices dropped 30% Sunday after Saudi Arabia announced it would boost production and cut prices.Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe.— the steepest drop since the Gulf War in 1991 — in early trading Sunday night before recovering slightly to a drop of 24%.
Saudi Arabia, the world's second-largest producer, this weekend said it will actually boost oil production instead of cutting it to stem falling prices, in a dramatic reversal in policy. Economies from China to Italy have ground to a halt as quarantines shut down factories and demand for products and services craters.
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