Crude prices fall 30 percent to $ 30 after Saudi launches oil price war

Saudi's biggest reduction in oil prices in 20 years

Saudi Arabia starts crude oil price war after Russia disagrees with reducing crude oil production

Experts say crude prices could go up to $ 20 if Saudi Arabia and Russia do not reach agreement

(PTI) New Delhi, Ta. March 9, 2020, Monday

Brent crude oil prices today fell 30 percent to $ 31 a barrel, with OPEC's countries not agreeing to reduce oil production. Saudi Arabia has begun a prize war without agreeing to reduce crude oil production between OPEC countries. Russia did not agree to reduce production at a meeting between OPEC countries, but it could not agree on reducing crude production.

Saudi Arabia has announced a drastic reduction in crude prices. Saudi Arabia's announcement of a reduction in crude prices has led to the biggest drop in crude prices since the 1991 Gulf War.

At one time during the day's trading, crude had dropped $ 14.25, or 31.05%, to $ 31.02. According to experts, crude prices could go up to $ 20 if Saudi Arabia and Russia do not reach an agreement.

According to experts, Russia does not seem to be in agreement with Saudi Arabia anytime soon. However, falling crude prices will hurt both countries economically.

However, Russia's financial position is better than Saudi Arabia's to withstand the oil price war. Russia has $ 80 billion in financial reserves, which is higher than Saudi Arabia. However, if crude oil prices go below $ 25, Russia may be ready to hold talks with Saudi Arabia.

Saudi Arabia has announced a four to six dollar increase in April crude oil prices for Asia and seven dollars for April crude oil for the United States. This is the largest reduction in oil prices by Saudi Arabia in the last 20 years.