Oil prices slumped more than 30% on Monday in Asia after OPEC failed to reach a deal with its allies on production cuts, while Saud i Arabia is reportedly set to cut itsprices and ramp up production. Saudi Arabia announced massive discounts to its official selling prices for April over the weekend, and reportedly ready to up its production above the 10 million barrel per day level. The kingdom currently pumps 9.7 million barrels per day, but has the capacity to ramp up to 12.5 million barrels per day, CNBC said. “This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction.
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