Last updated on September 11th, 2021 at 03:00 pm
Oil prices fell sharply on Monday, after OPEC members failed to strike a deal with oil-exporting countries and Russia.
Moscow refused Friday to further reduce crude oil production, to stem the fall in prices linked to the coronavirus epidemic, which has provoked the wrath of Saudi Arabia.
In response, Riad lowered the price of a barrel considerably, to “wrest from Russia its market share” – OPEC officials said.
According to Bloomberg News, Saudi Arabia has made the largest reduction in its oil prices in 20 years. A risky gamble that caused the share price of Aramco, the Saudi oil giant, to plunge by 9% and caused the barrel of Brent, the international benchmark, to fall from 45 to 31 dollars.
The news also brought the Asian stock exchanges to their knees.
(AFP)
Links between the United Arab Emirates and Nigeria have reached an important milestone with the resumption of daily Emirates Airlines…
As part of His Highness' working visit to Egypt, His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency…
United Arab Emirates will invest $23 billion over five years in next-generation low-carbon energy, such as hydrogen and ammonia, to…
After making a memorable appearance at the WellChild Awards in the United Kingdom, Prince Harry landed at his next destination…
Tanzanian music sensation Diamond Platnumz, best known for her hit ‘Komasava’, is set to take on Nigeria's finest artists at…
Oliver Mawuse Barker Vormawor, the organiser of the ‘StopGalamseyNow’ demonstration, and 11 other demonstrators have been remanded in custody until…
This website uses cookies.