(Yicai Global) March 9 -- Stock markets on the Chinese mainland plunged this morning as a global oil price war led to prices falling by the most in around 30 years.

The Shanghai Composite Index opened 1.56 percent lower at 2,987.18, while the Shenzhen Component Index began 1.89 percent lower at 11,363.79. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, started at 2,251.27, down 1.9 percent.

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

It lowered the prices of crude oil sold in April to Asia by USD4 to USD6, to the United States by USD7, and to Northwest European refiners by USD8. The West Texas Intermediate deliveries for April became 27 percent cheaper this morning, at USD30 a barrel, while Brent crude for May fell 30 percent to USD31.02 a barrel.