Crude Prices Collapse After Saudi Pledge to Boost Output

Crude prices slid 20% to their lowest levels since 2016, after Saudi state-oil giant Aramco slashed prices and promised to increase output

Oil prices lost a fifth of their value Monday, a historic fall, as a clash between oil giants Saudi Arabia and Russia threatened to flood a world already hobbled by the coronavirus outbreak with a glut of crude.

Saudi Arabian state oil giant Aramco’s move over the weekend to cut most of its official selling prices triggered the oil-price crash, with a barrel of Brent crude down 22% at $35.49 on Monday. Saudi officials said the kingdom also plans to boost crude output.

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