Oil prices plunge as much as 30% after OPEC deal failure sparks price war [MSNBC.com]
Exxon Mobil Corporation (XOM)
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Source: MSNBC.com
Prince Abdulaziz bin Salman Al-Saud, Minister of of Saudi Arabia arrives for the 178th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, on March 6, 2020. Alex Halad | AFP | Getty Images Oil prices plunged after OPEC's failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war. U.S. West Texas Intermediate crude Brent crude "This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction," Again Capital's John Kilduff said. "The Saudis are the lowest cost producer by far. There is a reckoning ahead for all other producers, especially those companies operating in the U.S shale patch." On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production abo
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