Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive DiscountsEnlarge this image toggle caption Nick Oxford/Reuters Nick Oxford/ReutersUpdated at 10:52 p.m. Oil prices were down more than 30% this year before Sunday’s collapse.
Saudi Arabia and other OPEC members sought to cut production to shore up oil prices.
It’s offering to cut the oil price for the U.S. market by $7 per barrel, to Europe by $8 and Asia by $6.
Low oil prices are bad for Saudi Arabia’s budget — and the price of the Saudi oil company Aramco’s stock tumbled below its initial public offering price on Sunday.
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