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15 April 2020

Crude prices fell

Crude prices fell as much as 30% - the biggest one-day crash since the Gulf War in 1991 - after Saudi Arabia announced an increase in its output following the collapse of Russia's pumping cut agreement with the Organization of Exporting Countries of Petroleum (OPEC) to stabilize the oil markets.

The breakup of OPEC +, the group made up of OPEC, Russia and other oil-producing countries, brings to an end more than three years of cooperation in the oil market and marks the start of a "price war".

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