Production

Oil plunges 30% as Saudi Arabia prepares to open up the taps

Largest decline in nearly 30 years as oil kingpin responds to Russia ruling out further output cuts

More pain: oil hit its lowest level since February 2016 after plunging 30% on news Saudi Arabia would cut selling prices and pump up production
More pain: oil hit its lowest level since February 2016 after plunging 30% on news Saudi Arabia would cut selling prices and pump up productionPhoto: AFP/SCANPIX
  • Reuters
Saudi ArabiaRussiaUSAOpecEurasia Group
Published 9 March 2020, 03:35Updated 9 March 2020, 08:50