Media: Saudi Arabia will raise oil prices for Asia, U.S. lower

Media: Saudi Arabia will raise oil prices for Asia, U.S. lower


The state oil company of Saudi Arabia Saudi Arabian Oil Co. sets oil prices based on the recommendations of customers and calculating the change in its value over the last month, and based on the yield and prices of production.

MOSCOW, 5 Nov. Saudi Arabia, one of the world’s largest oil exporters, in December will increase the price of “black gold” for Asia, with prices for the U.S. will be reduced, reports Bloomberg.

The state oil company of Saudi Arabia Saudi Arabian Oil Co. (Aramco) increased the price of oil Arab Light grade to Asia to $ 0.3 per barrel.

For American buyers, the price of oil Arab Light grade will be reduced by $ 0.2 per barrel.

Aramco sets oil prices based on the recommendations of customers and calculating the change in its value over the last month, and based on the yield and prices of production.

According to OPEC, Saudi Arabia in September has reduced oil production of 48 thousand barrels per day.