Friday, 13 March , 2020     |     1184      |      +      |     

Iraq and Kuwait cut oil prices following Saudi Arabia

Iraq and Kuwait cut oil prices following Saudi Arabia : Google
  • Business

Iraq and Kuwait, which are one of the leading OPEC producers, have lowered April oil prices following Saudi Arabia, Bloomberg reported.

So, Iraq reduced the cost of a barrel of Basrah Light oil for April delivery by $ 5. Meanwhile, according to agency sources, the state company State Oil Marketing Organization (SOMO) plans to increase exports next month.


Kuwait, in turn, lowered prices for buyers from Asia by $ 6 per barrel – the same amount earlier reduced the cost of supplies of raw materials to East and Southeast Asia Saudi Aramco (a company engaged in oil production in Saudi Arabia).

As The Wall Street Journal reported on March 8, citing a Saudi official, this price cut was aimed directly at weakening Russian positions.

The source noted the Saudi side took such a step after the March 6 failure of talks on an additional reduction in oil production by OPEC + countries.

Reuters, referring to Saudi Aramco’s head Amin Nasser, reported Tuesday that the company would increase oil supplies to 12.3 million barrels per day (bpd) in April.

The United Arab Emirates oil company, ADNOC, announced that it would increase production by more than 1 million barrels per day from next month.

On March 9, a source at OPEC informed that Saudi Arabia nevertheless did not declare a price war for Russia and considers Russia to be the most important partner in the oil market.

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Category: #Business | 2020/03/13 latest update at 4:00 PM
Source : Internet | Photocredit : Google
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