• Oil plunges after Saudi energy minister reportedly says OPEC is in 'produce as much as you can mode'

    28 days ago - By Business Insider

    Saudi Arabia's energy minister said Tuesday that OPEC is in "produce as much as you can mode."
    Both West Texas Intermediate and Brent crude prices were down almost 5%.
    Watch WTI and Brent trade in real time here.
    Crude oil was under pressure Tuesday after Saudi Arabia's energy minister said OPEC is pumping out as much as possible.
    Speaking at a global investment conference in Riyadh, Saudi Arabia, on Tuesday, Saudi energy minister Khalid Al-Falih said OPEC and its allies are in "produce as much as you can mode," according to Bloomberg.
    His comments immediately put pressure on oil prices...
    Read more ...