NSTbusiness: Oil futures suffered their biggest daily loss since 1991 on Sunday after SaudiArabia slashed its official selling price (OSP) and announced plans to raise crude production significantly. oilprice
Those moves came after Russia on Friday balked at OPEC’s proposed steep production cuts to stabilise prices hit by economic fallout from the Covid-19 coronavirus.
Saudi Arabia cut its OSP for April for all crude grades to all destinations by anywhere from US$6 to US$8 a barrel, sending oil into a tailspin.
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