After falling 30% overnight, oil prices settled 24% lower Monday after the OPEC+ meeting last week ended without an agreement for production cuts. Saudi Arabia, the world's lowest cost producer, announced sharp discounts last night for April contracts, in an apparent bid to force Russia's hand, after the meeting Friday of oil cartel OPEC and its allies, ended without a deal. After Russia rejected a proposed 1.5 million barrel per day production cut on Thursday from the OPEC leader, Saudi Arabia announced price discounts over the weekend, and the intent to increase production from its current 9.7 to over the 10 million barrel per day level, according to Reuters. Image source: Getty Images. Largest drop in nearly 30 years The onset of the price war caused the commodity to plunge the most since the Gulf War in 1991, amid a still unknown level of demand drop resulting from the economic impacts of the spread and containment attempts related to the coronavirus. With the supply increase, and full Saudi capacity reportedly at 12.5 million barrels per day, energy stocks plunged across the board on Monday. Exploration and production companies including Apache Corp. (NYSE: APA), Occidental Petroleum (NYSE: OXY) and Marathon Oil (NYSE: MRO) sank around 50% on the day. Majors including ExxonMobil (NYSE: XOM), BP (NYSE: BP), and Chevron (NYSE: CVX) also each dropped double digits on the day. Traders are now watching to see whether Saudi Arabia and Russia reach a "Hail Mary" deal and what the reaction will be from U.S. producers to try and support prices. 10 stocks we like better than ExxonMobilWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and ExxonMobil wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source