(Yicai Global) March 9 -- China's stock markets slid further this afternoon, felled by the first volley Saudi Arabia fired to open an international oil price war.

The Shanghai Composite Index closed down 3.01 percent to 2,943.29 at the closing bell, while the Shenzhen Component Index fell 4.09 percent to 11,108.55. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, ended at 2,093.06 in a 4.55 percent drop.

The desert kingdom slashed its oil prices on March 7 by the most in two decades after the Organization of Petroleum Exporting Countries and its allied members held a meeting in Vienna, Austria on March 6 to discuss production cuts, but failed to reach an agreement.

The Saudis lopped USD4 off the price of crude oil sold in April to Asia, dropping it by USD6, to the US by USD7, and to northwestern European refiners by USD8. West Texas Intermediate deliveries for April thus became 32 percent cheaper this morning at USD27.90 a barrel, while Brent crude for May fell 30 percent to USD31.02 a barrel.

Editor: Ben Armour