Saudi Arabia’s oil price war with Russia has wiped billions of pounds from the market value of the industry’s biggest companies after oil markets recorded one of the biggest price slumps in history on Monday.
Within seconds of the market opening on Sunday evening oil prices crashed as much as 30 per cent, driving crude to its lowest level in four years.
Brent crude, the international benchmark, dropped from $45 a barrel to $31.52 in one of the biggest one-day falls in its history.
Saudi Arabia plans to pump more than 10m barrels a day next month while announcing unprecedented discounts of almost 20 per cent in key markets, in an apparent attempt to punish Russia, while squeezing the US shale industry and other higher cost producers.
