But why did the world’s top exporter decide to move so aggressively on crude discounts and output, with demand reeling from the coronavirus crisis?
Oil prices crashed by as much as 30% after Saudi Arabia fired the first shots in a price war, in crude’s biggest one-day fall since the early 1990s Gulf war.
Riyadh’s threat to discount its crude and raise production prompted the price of brent crude, the international oil marker, to fall to as low as $31.02 per barrel. West Texas Intermediate, the US benchmark, fell to $27.71 a barrel.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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