Saudi Arabia launches oil price war after Russia deal collapse

Section:

By Anjli Raval, David Sheppard, and Derek Brower
Financial Times, London
Sunday, March 8, 2020

Saudi Arabia has launched an aggressive oil price war targeting its biggest rivals after Russia refused to join production cuts with OPEC, in a move that threatens to swamp the crude market with supplies just as the coronavirus outbreak hits demand.

... Dispatch continues below ...



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Saudi Arabia will raise production and offer its crude at deep discounts to win new customers next month, according to two people familiar with the country's oil policy, which risks sending prices tumbling further. Oil prices had already dropped by a third since January to near $45 a barrel.

The kingdom plans to pump more than 10 million barrels a day next month while announcing unprecedented discounts of almost 20 percent in key markets, in an apparent attempt to punish Russia while squeezing the U.S. shale industry and other higher-cost producers. ...

... For the remainder of the report:

https://www.ft.com/content/d700b71a-6122-11ea-b3f3-fe4680ea68b5

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