The Saudis decided in February to reduce the price of all types of oil for all regions where it is supplied.
World oil prices fell sharply on the first working day of the week on news from Saudi Arabia. This was confirmed by the trading data on the evening of Monday, January 7.
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Thus, Brent oil for March delivery on the London ICE Futures exchange fell by $2.85 (-3.62%) to $75.91 per barrel.
Accordingly, futures for WTI oil for February delivery on the New York Mercantile Exchange fell by $3.12 (-4.23%) to $70.69 per barrel.
As Western agencies write, traders continue to analyze the news of the price drop in Saudi Arabia. This will happen in February and will affect all types of oil for all regions, state-owned company Saudi Aramco announced yesterday.
Thus, prices for buyers from Asia will be reduced by $2 per barrel. As a result, the main grade of oil supplied to Asia – Arab Light – will cost $1.5 more than the basket of oil from Oman and Dubai – it will be lower from November 2021.
Prices for the United States in February will also decrease by $2 per barrel, for the countries of North-West Europe and the Mediterranean – by $1.5-2 per barrel.
It was previously known that the United States has set a world record for oil production. The country’s production growth comes despite a more cautious approach to drilling.
Source: korrespondent
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