Oil Price In Saudi Arabia

Oil prices and stock indexes were in freefall sunday after saudi arabia announced a stunning discount in oil prices of 6 to 8 per barrel to its customers in.

Oil price in saudi arabia. Updated at 10 52 p m. Saudi arabia cuts price for oil amid fears of struggling coronavirus demand recovery a view shows branded oil tanks at saudi aramco oil facility in abqaiq saudi arabia on october 12 2019. Oil remains under significant pressure as saudi arabia cut its october official selling prices for customers in asia and u. Today s massive sell off comes after news over the.

Saudi arabia has abandoned efforts to support crude prices and is now preparing to flood global markets with huge volumes of cheap oil a stunning shift in strategy that has pushed oil futures. Brent crude the global benchmark plunged 24 to close at 33 36 a barrel. Adnoc the uae s state oil. Saudi arabia has cut its official selling prices for crude oil in the latest sign that demand recovery is stumbling bloomberg reports adding that this is the first time riyadh has cut its oil.

Oil prices rise as saudi arabia keeps opec members in check by julianne geiger sep 17 2020 6 00 pm cdt. Oil prices rose on thursday in the third day of positive price. Crude finished with a staggering loss of nearly 26 to settle at 31 13 a barrel. Saudi arabia told its preferred customers over the weekend that it would cut its official selling prices by 6 to 8 a barrel.

Us oil prices crashed as much as 34 to a four year low of 27 34 a barrel as traders brace for saudi arabia to flood the market with crude in a bid to recapture market share. The fact that saudi arabia announced this week that it is reducing government expenditures by us 133 bn equivalent to the entire saudi oil revenue in 2020 based on an oil price of 50 a barrel.