Saturday April 4, 2020

Winners and losers as Saudis spark oil price slump

Saudi Arabia’s increased production may lead to cheaper home heating in Ireland but it is bad news for renewables and US shale producers

Daniel Murray

Business Reporter

9th March, 2020
A trader as the opening bell rings at the New York Stock Exchange. Oil shares plummeted on Monday. Picture: Timothy A Clary/AFP

The cost of oil plunged on Monday after Saudi Arabia slashed its prices and signalled it would ramp up production following a row over supply with Russia.

Brent crude prices, already low due to reduced demand from the coronavirus, tumbled by almost a third to $31 a barrel on Monday as Goldman Sachs told clients it could dip into the $20s. The crash is the largest since 1991 and will have global economic as well...

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