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Oil Plunges Most Since 2008 on Unraveling Saudi-Russia Alliance

  • OPEC+ producers are free to pump at will starting next month
  • Collapse in Vienna talks may spur another war for market share
Updated on

Oil in London plunged the most since 2008 on signs of a breakdown in the global producer alliance that helped engineer crude’s recovery from the worst crash in a generation.

Futures plummeted more than 9% in London as talks between members of the OPEC+ group collapsed in Vienna. Producers in the alliance are free to pump at will starting next month, after Russia refused to bend to Saudi Arabia’s wish for output cuts aimed at offsetting the coronavirus crisis’s impact on demand.