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Saudi Arabia started implementing of OPEC+ís agreement

Saudi Arabia started negotiations with clients on reducing crude oil sales. 

05.Jan.17 11:08 AM
By Anna Tuzova


Saudi Arabia started implementing of OPEC+ís agreement
Besides, Saudi governmental company Saudi Aramco has stated that it raises prices of all main grades of oil for its client on Asian market. Thus Saudis decided to five up dumping, which is fatal for oil prices, and start implementing OPECís agreement. Oil prices have responded to that news with a growth.

Price for oil by Arab Light is increased by $0,60 per barrel, which will cut the provided earlier discount ($0,15).

Saudi Arabia rose prices not only for Asian customers. Ones from USA will pay more by $0,20 per barrel for oil by Arab Extra Light, and Arab Light, while prices for Arab Medium and Arab Heavy remains unchanged for them. 

The price increase is explained by the fact that Saudi Aramco expects stabilization of oil prices and their upward trend in the long-term period, according to analysts.

Saudis have been playing mainly for the decrease of prices in 2015-2016, providing discounts to their customers (primarily, for Asia). Saudi Arabia, though, had already cut discounts earlier.

According to the OPEC+ís agreement signed in December Saudi Arabia undertakes to cut the output by 486 thousand barrels per day, or by 4,61% of 10,544 million barrels per day (the output level recorded in October). 

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