Crude plummets on Saudi-Russia spat

摘要

Crude prices plummeted by more than $15/bl after Saudi Arabia sharply cut its formula prices and vowed to raise output in response to a failed Opec+ deal. US light sweet WTI plunged to a four-year low of $31.13/bl in the week to 9 March, while international benchmark Ice Brent lost more than $17/bl to settle at $34.36/bl. The failure of Opec and its allies to agree further output cuts could unleash a battle for market share when the current restraint deal expires at the end of this month, compounding low demand resulting from the spreading corona- virus outbreak. Moscow was the main opponent of deeper output cuts.