Oil prices fell by more than 30 percent on Monday, in the wake of OPEC oil producers’ failure to agree on deeper production cuts, APA reports citing Sputnik.
As of 04:41 GMT, the price of May futures for the Brent Crude oil dropped by 28.69 percent — to $32.28 per barrel. The value of April futures for WTI crude oil decreased by 31.35 percent to $28.33 per barrel.
The Saudi-led OPEC, or the Organization of the Petroleum Exporting Countries, has had production cutting pacts since 2016 with non-member allies led by Russia.
The wider alliance, known as OPEC+, met in Vienna on Friday to discuss production cuts. After the talks, OPEC+ issued a statement saying it would continue consultations to stabilize the oil market, without mentioning any deeper cuts.