State-run Aramco, the world’s biggest exporter, known officially as Saudi Arabian Oil Co, fired the first salvos by slashing pricing for its crude and saying it would flood the market with a quarter more oil in April.
DUBAI: Top Organisation of Petroleum Exporting Countries (Opec) producers Iraq and Kuwait followed Saudi Arabia’s lead by cutting pricing for April crude sales, while a reduction by the United Arab Emirates (UAE) paled in comparison to the kingdom.
Crude’s plunge into the US$30s this week is causing upheaval well beyond oil markets, as the price war between Saudi Arabia and Russia threatens budgets in producing countries and hammers market values of listed energy companies.
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