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Saudi state-owned Saudi Aramco on Monday lowered the prices it will charge for its oil to customers in Asia, the Mediterranean and north-western Europe in May, despite Saudi Arabia signing a landmark deal to cut supplies. global product.
Saudi Aramco made a drastic reduction in prices for Asian customers, amid a sharp drop in demand caused by the coronavirus pandemic.
Yesterday, the OPEC + call, which brings together the Organization of the Petroleum Exporting Countries (OPEC) and ten allies, including Russia, finalized an agreement that foresees a further cut in the group’s production of 9.7 million barrels per day ( bpd) until the end of June. The cut is the largest in history ever defined by the group. OPEC is informally run by the Saudis.
The Saudi state-owned company has also reduced all prices for the Mediterranean and part of them for north-western Europe.
On the other hand, Saudi Aramco raised all its prices to the United States. Last week, United States President Donald Trump threatened to raise tariffs on oil imports in a bid to persuade Saudis and Russians to cut production. However, sources say Trump could abandon the rate hike if an agreement is reached.
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