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Oil drops 31 percent in worst loss since Gulf War as price fight erupts

The oil price plunged following the collapse of the OPEC+ alliance, which triggered an all-out price war between Russia and Saudi Arabia that is likely to have a large-scale political and economic impact.

Saudi-Arabian Energy Minister Prince Abdulaziz bin Salman Al Saud (left) and his Russian colleague Alexander Novak were unable to reach agreement on a new production cap at the weekend's OPEC meeting. | Photo: Leonhard Foeger/REUTERS / X00360

Oil markets crashed more than 30 percent after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.

Brent futures suffered the second-largest decline on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf War in 1991. As the global oil benchmark plummeted to as low as $31.02 a barrel, Goldman Sachs Group Inc. warned prices could drop to near $20 a barrel.

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