Saudi Arabia Decided To Reduce Oil Prices For Europe
Saudi Arabia decided to lower oil prices for Europe in April. At the same time, it will raise them for buyers from Asia and the United States.
Saudi Aramco has increased the price of Arab Light by 40 cents per barrel for the Asian market and reached the highest score since March 2020. The company also raised prices for all grades of oil except Arab Heavy.
The rise in the price of raw materials for buyers from the United States amounted to 1.4 USD per barrel. The decline in oil prices for buyers from North-Western Europe in April will be from 1.5 to 1.8 USD per barrel, and from the Mediterranean - from 1 to 1.9 USD per barrel.
Following the OPEC + meeting, which took place on March 4, the countries agreed not to increase oil production by 500,000 barrels per day in April. Saudi Arabia will maintain its additional one million barrels per day cut. In addition, the alliance agreed on an increase in Russian oil production in April by 130 thousand barrels per day.