Oil prices in Asian markets fell more than 31% after the start of trading on Monday. This happened after OPEC countries failed to reach an agreement with other oil producers on reducing production on Friday, Bloomberg writes.
The price of Brent oil futures immediately after the opening of trading on March 9 fell by 30% — from $ 45 to $ 31.02 per barrel. This is the biggest drop in the price of Brent per day since the Gulf war in 1991. The price of WTI oil after opening fell by 27% to $ 30. Due to the sharp drop, trading on the stock exchange was suspended for a few minutes.
Last Friday, OPEC and Russia, unable to agree on a new cut in oil production, broke a deal that has supported prices since 2016. Within hours of the collapse of the talks, Saudi Arabia, the de facto leader of OPEC, started a price war, reducing the cost of its oil for importers in Europe, Asia, and the United States by the maximum amount in 20 years.