Shares in the energy-dependent Gulf plunged to multi-year lows Sunday after OPEC’s failure to agree on a coronavirus action plan prompted fears of an all-out oil price war.
OPEC and its allies failed to clinch a deal on production cuts that would have offered support to energy markets, sending prices tumbling to four-year lows on Friday.
The OPEC+ meeting was expected to agree to deeper cuts of 1.5 million barrels per day to counter the effects of the novel coronavirus, but Moscow refused to tighten supply.
Fears of a price war were stoked as Saudi Arabia — the world’s top exporter — quickly responded by making significant cuts to its oil price.
