Saudi Arabia has announced it will slash its official selling prices for crude by between $4 and $8 per barrel, Arab News reports, to be in effect from April when the current production cuts expire.

The biggest discounts were offered to buyers in northwestern Europe and the United States.

The announcement pressured already severely hurt benchmarks after the failed meeting of OPEC+ on Friday when Russia refused to take part in further cuts that would have reduced global oil production by a total 3.6 million bpd.

“As from 1 April we are starting to work without minding the quotas or reductions which were in place earlier,” Energy Minister Alexander Novak said on Friday, adding “but this does not mean that each country would not monitor and analyze market developments.”

“We are likely to see the lowest oil prices of the past 20 years in the next quarter,” Arab News’ Frank Kane quoted an IHS Markit analyst as saying.

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