Saudi Arabia Oil Price

The two nations are meeting next week to work out a possible output cut

As global oil demand plummets, Saudi Arabia is struggling to find customers for its extra oil, undermining its bid to seize market share by expanding production

The main beneficiaries are likely to be the main consuming countries such as India and China, but even there oil companies will be affected.

A nearly 25% slump in oil prices triggered panic-selling and heavy losses on Wall Street's main stock indexes as the rapid spread of coronavirus amplified fears of a global recession

The attack could affect flows of both crude oil and refined products, as Saudi Arabia cuts deliveries to its own processing plants

Asked about the consequence of "an American or Saudi military strike on Iran" in an interview with CNN aired on Thursday, Mohammad Javad Zarif responded: "An all-out war"

About 5.7 million barrels per day of output has been suspended, says Saudi Aramco in a statement.

The Saudis, led by Crown Prince Mohammed bin Salman, are seeking to link cuts in OPEC production over the past 2 years with cuts by Russia, another oil-exporting powerhouse, to buoy prices