Oil prices are poised to drop dramatically after Saudi Arabia announced a massive discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the U.S. and Europe.
An oil tanker is loaded at Saudi Aramco's Ras Tanura oil refinery and terminal May 21, 2018. After OPEC and Russia failed to agree on production cuts to boost prices because of the coronavirus outbreak, Saudi Arabia says it will increase output and slash prices.An oil tanker is loaded at Saudi Aramco's Ras Tanura oil refinery and terminal May 21, 2018.
The benchmark Brent oil price already plunged 9.4%, to $45.27 per barrel, on Friday. The drop came after Saudi Arabia, the rest of OPEC and Russia failed to agree on production cuts to combat falling prices due to fears that the coronavirus epidemic will halt world economic growth. Oil prices are down more than 30% this year.U.S. consumers are likely to see lower prices at the gas pump, but American oil producers — who lead the world in output — could be hurt by the oil price slide.
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