Due to the OPEC + deal-breaking, immediately after the market opened, world oil prices fell by 31%, reaching 31.43 USD per barrel (at the time the market closed on March 6, the price was 45.27 USD).
Later, the price was adjusted, and currently fluctuates around 34-36 USD per barrel (drop is more than 20%).
The cost of WTI crude oil fell by 26%, to 30.7 USD per barrel. Its price is traditionally lower than the price of Brent oil.
We recall that the OPEC + countries at the negotiations on March 6 were unable to agree and extend the agreement to reduce oil production. The current transaction will cease to be effective on April 1.
After that, all restrictions on oil production would be lifted. The increase in oil production by Russia will depend only on the plans of oil companies.
It was also reported that negotiations broke down due to the position of Moscow, which refused to deepen restrictions. Without Russia's participation, OPEC countries do not see any reason to continue to artificially limit production.
On March 7, Riyadh reduced the price of oil that it sells to foreign markets by a maximum in the last 20 years, trying to induce oil refineries in Europe, Asia, and the United States to buy Saudi oil by unprecedented discounts.
A few hours after the failure of the negotiations in Vienna, Riyadh lowered the so-called official sales prices by offering record discounts on some types of crude oil that it sells around the world, the agency writes with reference to a copy of the price offer.
State oil company Saudi Aramco once a month tells refiners the price at which it will sell its oil, usually adjusting it from a few cents to a couple of dollars, the agency explains. But on March 7, the company informed customers that it was cutting official prices by $ 6–8 per barrel in all regions.