Saudi Arabia decided in April to reduce oil prices for Europe. At the same time, she will raise them for buyers from Asia and the United States, Interfax writes.
State-owned Saudi Aramco has increased the price of Arab Light by 40 cents per barrel for the Asian market. Thus, it reached the highest score since March 2020. The company also raised prices for all grades of crude except Arab Heavy.
The rise in the price of raw materials for US buyers was $ 1.4 per barrel. The decline in oil prices for buyers from North-Western Europe in April will be from $ 1.5 to $ 1.8 per barrel, from the Mediterranean – from $ 1 to $ 1.9 per barrel.
Following the OPEC + meeting, which took place on March 4, the countries agreed not to increase oil production by 500 thousand 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.