Global benchmark Brent crude slid $9.65, or 21.3%, to trade at $35.58 per barrel.
Brent crude futures were down by more than 27 per cent at $35.5 a barrel by 1340 GMT.
European stocks dropped more than 8 percent.
Oil prices plummeted Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russian Federation signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed.
Central banks worldwide have cut interest rates. The worry is that the new coronavirus will slow economies sharply, meaning even less demand.
Oil major Rosneft, also state-owned, recorded a 20% drop - equivalent to a $15 billion fall in value - while Gazprom shares crashed by nearly 25% initially, before recovering slightly to stand 15% down.
"We really do need to get away from a budget that is reliant on these external global oil prices", he said. "Have a really big segment of our revenue exposed to this type of volatility is not healthy".
The market could now be oversupplied by up to 5 million barrels a day, Mr Gammel said - squeezing prices and laying waste to energy firms' profits.
"So they've decided they're going to take some short-term pain in order to inflict damage on one of their major competitors, " Adshead said. The price of gold climbed to its highest level since 2013.
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Asked if he had complained about the scheduling this time, the Norwegian said: "No, I've not". Today we didn't train, tomorrow he will improve".
"That roughly $20 difference between what the budget plans for and where markets now are - that's about a $7-billion hit to government revenue".
"All we can do is manage what is within our control", said Kenney.
Kenney was expected to speak Monday at 4 p.m. Watch his remarks live on CTVNewsEdmonton.ca.
They hit as high as 182.5 points, topping a high of 181.3 at the end of 2018.Benchmark Brent crude fell as much as a third following Riyadh's move after Russian Federation balked at making a further steep output cut proposed by OPEC to stabilize oil markets hit by worries over the impact of the coronavirus.
The oil market has seen arguments like this before. That effort - created to keep OPEC's market share against a rising USA shale output - ultimately failed, and OPEC later set production curbs.
Securities Exchange dropped by more than 7%. If US prices remain at a low-$30-a-barrel range, "it starts to look more lethal", he said. It's set on Monday to mark the 11th anniversary of hitting bottom after the 2008 financial crisis. Simultaneously, the yield on a ten-year U.S. Treasury bond fell to a previously unprecedented.408%, which is being interpreted as a signal that investors are expecting a recession.
The spread of the virus to other major economies such as Italy and South Korea and the growing number of cases in the United Kingdom and U.S. have increased concerns that oil demand will slump this year. The number of cases has reached 109,000 globally, and Italy on Sunday tried to quarantine a region holding more than a quarter of its population in hopes of corralling it.
Analysts quickly dubbed the session a new "Black Monday" - a reference to the stock market crash of October 1987, when the FTSE 100 suffered double-figure drops across back-to-back sessions. But those are a lot of potential pain points.
Some of Britain's biggest companies plunged in value by billions of pounds, with oil stocks recording the most severe losses.