{"id":23176,"date":"2020-03-09T13:34:39","date_gmt":"2020-03-09T09:34:39","guid":{"rendered":"https:\/\/lovindubai.com\/?p=23176"},"modified":"2020-03-09T13:35:23","modified_gmt":"2020-03-09T09:35:23","slug":"oil-market-slump-saudi","status":"publish","type":"post","link":"https:\/\/lovin.co\/dubai\/en\/latest\/oil-market-slump-saudi\/","title":{"rendered":"Oil Markets Hit With Unprecedented Largest One-Day Drop Since Early 1990&#8217;s"},"content":{"rendered":"<p>A disagreement between the world&#8217;s largest oil producers has caused the biggest upset the Gulf oil markets have seen in two decades.<\/p>\n<p>An unprecedented slump hit markets in the region, down more than 25% after a 10% drop on Friday.<\/p>\n<p>This is the single biggest drop seen since the Gulf War, in large part due a Russian-Saudi price war. Followed by a decision by Saudi to amp-up oil production, which undercut prices and sparked a frantic market\u00a0<span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">sell-off, fueled by Covid-19 panic.<\/span><\/p>\n<h2>The tumultuous few days saw hundreds of billions of US dollars wiped<\/h2>\n<p><!--infeed--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">30% drop in price of Brent and WTI is the single biggest drop since first Gulf War in January 1991. Collapse of <a href=\"https:\/\/twitter.com\/hashtag\/OPEC?src=hash&amp;ref_src=twsrc%5Etfw\">#OPEC<\/a> deal combined with <a href=\"https:\/\/twitter.com\/hashtag\/coronavirus?src=hash&amp;ref_src=twsrc%5Etfw\">#coronavirus<\/a> is having major impact on global markets. <a href=\"https:\/\/twitter.com\/hashtag\/Oil?src=hash&amp;ref_src=twsrc%5Etfw\">#Oil<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/COVID19?src=hash&amp;ref_src=twsrc%5Etfw\">#COVID19<\/a> <a href=\"https:\/\/twitter.com\/TheWarMonitor?ref_src=twsrc%5Etfw\">@TheWarMonitor<\/a> <a href=\"https:\/\/twitter.com\/Natsecjeff?ref_src=twsrc%5Etfw\">@Natsecjeff<\/a> <a href=\"https:\/\/twitter.com\/anasalhajji?ref_src=twsrc%5Etfw\">@anasalhajji<\/a> <a href=\"https:\/\/twitter.com\/Almatrafi?ref_src=twsrc%5Etfw\">@Almatrafi<\/a> <a href=\"https:\/\/t.co\/eociIq0VGV\">pic.twitter.com\/eociIq0VGV<\/a><\/p>\n<p>&mdash; Intelfeedia (@intelfeedia) <a href=\"https:\/\/twitter.com\/intelfeedia\/status\/1236778210899066880?ref_src=twsrc%5Etfw\">March 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>The price of Brent oil fell on Monday to early 1990 prices<\/h2>\n<p>Saudi upped its oil production when prices fell by 10% on Friday and leading producers failed to agree on cuts in oil supplies to prop up prices. With no agreement, this number could drop further still.<\/p>\n<p>With a 30% drop, prices now average at $31 a barrel.<\/p>\n<p>The lack of agreement sparked the sale of other stocks, a primary factor in the Monday&#8217;s slump.<\/p>\n<h2>Markets face uncertainty: Now down more than 25% in total after a 10% drop last Friday<\/h2>\n<p>https:\/\/twitter.com\/FHaggui\/status\/1236870074381860864?s=20<\/p>\n<h2>Markets worldwide are feeling the pressure<\/h2>\n<p>Panic and confusion hit globally as markets in the States and the UK brace for the biggest fall since 2008, the world&#8217;s last major recession.<\/p>\n","protected":false},"excerpt":{"rendered":"A disagreement between the world&#8217;s largest oil producers has caused the biggest upset the Gulf oil markets have seen in two decades. An unprecedented slump hit markets in the region, down more than 25% after a 10% drop on Friday. This is the single biggest drop seen since the Gulf War, in large part due &hellip; ","protected":false},"author":453,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[85,50],"tags":[2957,2956],"class_list":["post-23176","post","type-post","status-publish","format-standard","hentry","category-latest","category-news","tag-gulf-markets","tag-market-slump"],"acf":{"hide_featured_image":false,"featured_image":{"ID":23179,"id":23179,"title":"market slump","filename":"Screenshot-2020-03-09-11.44.42.png","filesize":0,"url":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42.png","link":"https:\/\/lovin.co\/dubai\/en\/latest\/oil-market-slump-saudi\/attachment\/screenshot-2020-03-09-11-44-42\/","alt":"","author":"397","description":"","caption":"","name":"screenshot-2020-03-09-11-44-42","status":"inherit","uploaded_to":23176,"date":"2020-03-09 07:44:53","modified":"2020-03-09 07:44:57","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/lovin.co\/dubai\/wp-includes\/images\/media\/default.png","width":1146,"height":668,"sizes":{"thumbnail":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42-300x175.png","medium-width":300,"medium-height":175,"medium_large":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42-768x448.png","medium_large-width":768,"medium_large-height":448,"large":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42-1024x597.png","large-width":900,"large-height":525,"1536x1536":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42.png","1536x1536-width":1146,"1536x1536-height":668,"2048x2048":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42.png","2048x2048-width":1146,"2048x2048-height":668,"small":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42-230x134.png","small-width":120,"small-height":70,"custom-size":"\/wp-content\/uploads\/sites\/1\/2020\/03\/Screenshot-2020-03-09-11.44.42.png","custom-size-width":343,"custom-size-height":200}},"featured_image_caption":"","ad_square_right":"","summary":"","flexible_content":[{"acf_fc_layout":"text_block","content":"<p>A disagreement between the world&#8217;s largest oil producers has caused the biggest upset the Gulf oil markets have seen in two decades.<\/p>\n<p>An unprecedented slump hit markets in the region, down more than 25% after a 10% drop on Friday.<\/p>\n<p>This is the single biggest drop seen since the Gulf War, in large part due a Russian-Saudi price war. Followed by a decision by Saudi to amp-up oil production, which undercut prices and sparked a frantic market\u00a0<span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">sell-off, fueled by Covid-19 panic.<\/span><\/p>\n<h2>The tumultuous few days saw hundreds of billions of US dollars wiped<\/h2>\n"},{"acf_fc_layout":"text_block","content":"<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">30% drop in price of Brent and WTI is the single biggest drop since first Gulf War in January 1991. Collapse of <a href=\"https:\/\/twitter.com\/hashtag\/OPEC?src=hash&amp;ref_src=twsrc%5Etfw\">#OPEC<\/a> deal combined with <a href=\"https:\/\/twitter.com\/hashtag\/coronavirus?src=hash&amp;ref_src=twsrc%5Etfw\">#coronavirus<\/a> is having major impact on global markets. <a href=\"https:\/\/twitter.com\/hashtag\/Oil?src=hash&amp;ref_src=twsrc%5Etfw\">#Oil<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/COVID19?src=hash&amp;ref_src=twsrc%5Etfw\">#COVID19<\/a> <a href=\"https:\/\/twitter.com\/TheWarMonitor?ref_src=twsrc%5Etfw\">@TheWarMonitor<\/a> <a href=\"https:\/\/twitter.com\/Natsecjeff?ref_src=twsrc%5Etfw\">@Natsecjeff<\/a> <a href=\"https:\/\/twitter.com\/anasalhajji?ref_src=twsrc%5Etfw\">@anasalhajji<\/a> <a href=\"https:\/\/twitter.com\/Almatrafi?ref_src=twsrc%5Etfw\">@Almatrafi<\/a> <a href=\"https:\/\/t.co\/eociIq0VGV\">pic.twitter.com\/eociIq0VGV<\/a><\/p>\n<p>&mdash; Intelfeedia (@intelfeedia) <a href=\"https:\/\/twitter.com\/intelfeedia\/status\/1236778210899066880?ref_src=twsrc%5Etfw\">March 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n"},{"acf_fc_layout":"text_block","content":"<h2>The price of Brent oil fell on Monday to early 1990 prices<\/h2>\n<p>Saudi upped its oil production when prices fell by 10% on Friday and leading producers failed to agree on cuts in oil supplies to prop up prices. With no agreement, this number could drop further still.<\/p>\n<p>With a 30% drop, prices now average at $31 a barrel.<\/p>\n<p>The lack of agreement sparked the sale of other stocks, a primary factor in the Monday&#8217;s slump.<\/p>\n<h2>Markets face uncertainty: Now down more than 25% in total after a 10% drop last Friday<\/h2>\n"},{"acf_fc_layout":"text_block","content":"<p>https:\/\/twitter.com\/FHaggui\/status\/1236870074381860864?s=20<\/p>\n"},{"acf_fc_layout":"text_block","content":"<h2>Markets worldwide are feeling the pressure<\/h2>\n<p>Panic and confusion hit globally as markets in the States and the UK brace for the biggest fall since 2008, the world&#8217;s last major recession.<\/p>\n"}],"legacy_image":"","legacy_full_image":"","lovin_video_link":false,"lovin_video_link_webm":false,"disable_ads":false,"slots_script_override":"","ad_horizontal_top_desktop":"","ad_vertical_left_desktop":"","ad_vertical_right_desktop":"","ad_horizontal_top_tablet":"","ad_horizontal_bottom_tablet":"","ad_horizontal_mobile_1":"","ad_horizontal_mobile_2":"","ad_horizontal_mobile_3":"","article_ad_infeed_slot":"","ad_square_podcast":"","disable_lovin_hearts":false,"lovin_heart_title":"","show_sponsor":false,"sponsor_image":false,"sponsor_name":"","sponsor_content":"","sponsor_website":"","sponsor_facebook":"","sponsor_twitter":"","sponsor_instagram":"","enable_reveal_feature":false,"reveal_image":false,"legacy_sponsor_name":"","legacy_sponsor_website":"","legacy_sponsor_content":"","legacy_sponsor_image":"","legacy_meta_tags":"","is_guest_user":false,"episode_number":"","embed_code":"","episode_introduction":""},"_links":{"self":[{"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/posts\/23176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/users\/453"}],"replies":[{"embeddable":true,"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/comments?post=23176"}],"version-history":[{"count":0,"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/posts\/23176\/revisions"}],"wp:attachment":[{"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/media?parent=23176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/categories?post=23176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lovin.co\/dubai\/wp-json\/wp\/v2\/tags?post=23176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}