Baghdad, Oil prices fell more than 30% in trading today, Monday, after "OPEC" failed to reach an agreement with its allies regarding production cuts, and Saudi Arabia's decision to reduce oil prices and its intention to increase production.
Brent crude futures fell world record by 28.69% to $ 32.28 a barrel, the lowest level since February 2016. The US West Texas Intermediate crude fell 31.35% to $ 28.33 a barrel, the lowest level since February 2016.
Saudi Arabia had announced earlier about reductions in its oil prices for the month of April, and media reports have spoken of the kingdom's intention to increase its production of crude oil to more than 10 million barrels per day.
These developments in the oil market are due to the failure of the "OPEC +" Alliance last week to reach an agreement to reduce oil production, after the decline in demand due to the outbreak of the "Corona" virus.
Source: National Iraqi News Agency