Oil price plunges almost 30% as Saudis vow to step up production
Move follows Russian refusal to join Opec-led production cut aimed at keeping prices high
The price of crude oil has plunged by almost 27% after Saudi Arabia, the world’s top oil exporter, said it would step up production from next month, flooding global markets and most likely depressing petrol and diesel prices.
A barrel of Brent crude stood at $33.09 a barrel on Monday morning, a fall of 27%. It was the worst one-day fall for Brent since the start of the first Gulf war in 1991. US crude fell 27% to $30.