Saudi Arabia slashes crude oil prices for April; sparks oil price war
Mar 09, 2020Now Saudi Arabia has cut its oil export
for April and is also planning to increase production in a move that has sparked a
price
s
for April and is also planning to increase production in a move that has sparked a price
war that could actually have far-reaching economic and political consequences. Now this move comes after Russia refused last Friday to join OPEX. plan to cut supply Saudi Arabia's state oil giant Saudi Aramco on Saturday cut its April oilprices
to Asia by $6 a barrel, its biggest discount in 20 years. It also did the same with export prices to the United States, although at seven dollars. a barrel and to northwest Europe at eight dollars a barrel.
Aramco also plans to increase its daily production to more than 10 million barrels, possibly even 11 million well above its current output. Experts say the move will cause global oil prices to drop sharply.
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