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On Sunday Saudi Arabia cuts oil prices in Europe



Competition is tightening as Iran pumping is rising.



09.Jun.16 3:11 AM
By Vladimir Vasiliev
Photo INNOV.RU

   94

On Sunday Saudi Arabia cuts oil prices in Europe
Saudi Arabia’s light crude prices to northwest Europe will be lower by 35 cents per barrel and to the Mediterranean by 10 cents for July deliveries.  That could be seen as a result of OPEC not being able to cap its production and Iran’s increasing pumping.

Now Iran delivers to Europe 400.000 barrels per day. After sealing deals with Greek, Italian and French refineries Iran is going to increase delivery up to 700.000 barrels per day. Saudi Arabia exports approximately 800.000 barrels per day to EU. That is the average last year figure.

Now that is the situation of unfolding strict rivalry on the oil market between Saudi Arabia and Iran with all others to be affected.

Iran supposes that ultimately it will have an upper hand and this confidence is not only based on the production costs. Export structure and state budget has been considered too.  All this if…

After all, hardly possible to imagine that such scenario could be desirable.  That is the situation when almost everybody will lose.  At least in the oil and gas industry.



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