Oil crashes, fears of 'price war' up after OPEC deal failure
Oil prices crashed on Monday after Saudi Arabia slashed its official selling price, adding uncertainty to a world economy that continues to struggle with COVID-19.
Crude plummeted more than 30 percent at one point, marking the hardest drop since the Gulf War in 1991. As of 2:25 A.M. GMT, the WTI and Brent Crude are still down under 20 percent.
The world's top oil exporter reportedly plans to raise its production significantly after OPEC's failure to strike a deal with its allies regarding production cuts, giving rise to fears that tensions between oil producers will exert more pressure on prices.
According to Bloomberg citing people familiar with the conversations, "Saudi Arabia has privately told some market participants it could raise production much higher if needed, even going to a record 12 million barrels a day."
Looking for chemical products? Let suppliers reach out to you!
You May Interested In
2026-06-28
Trade Alert
Delivering the latest product trends and industry news straight to your inbox.
(We'll never share your email address with a third-party.)
Related News
-
Chemical Products See Over 50% Increase in Prices, Boosted by Crude Oil Rise
-
'Diarrhea' crude oil plummeted, dozens of chemicals dragged down!
-
Global Refining Center of Gravity is Shifting Eastward
-
Crude Oil Rose 5%! Futures and Nenghua Closed Up in A Large Area!
-
Storm! Crude Oil Fell 8%!
-
Can We Make Oil In A Lab
-
IEA agrees to release crude oil emergency reserves again
-
Indian Refiners' March Crude Oil Runs Up 6.4% Year-on-Year
-
Crude Oil Futures Market Overview
-
If Crude Oil Plummets, Which Chemical Products Will Be 'Unbearable' First?
Recommend Reading
-
ECHEMI and CPHI China Jointly Host Pharmaceutical Business Match-making Event
-
When Global Buyers Sit at the Same Table, Chinese Suppliers Respond: A Real 1-on-1 Online Business Matching Event
-
When Global Buyers No Longer Visit Trade Shows but “Select Suppliers with a Click”
-
From API China to the Global Pharmaceutical Chain: ECHEMI Is Reshaping the "New Speed" of Pharmaceutical Trade
-
Review of the 93rd API China: In Chongqing, Witnessing the Global Pulse of the Pharmaceutical Industry
-
Petroleum Coke Prices in Local Refineries Decline in Mid-September
-
Coking Coal Market Supply and Demand in Balance, Prices Remain Stable
-
Weak Supply and Demand Continues to Affect the Melamine Market
-
April MTBE Market Trends Fluctuate and Decline in China
-
What is Amylum Starch? (Old Terminology & Modern Equivalent)