Saudi Arabia slashes oil prices

Tokyo: Losing more than a quarter of their value, oil prices were set on monday for their biggest daily rout since the first Gulf War, after Saudi Arabia cut its official prices in a market already reeling from the impact of the coronavirus on global demand.

Saudi Arabia slashed its official selling prices and made plans to ramp up crude output next month after Russia balked at making a further steep output cut proposed by the Organization of Petroleum Exporting Countries (OPEC) to stabilize oil markets.