Saudi Arabia continued the oil war

Saudi Arabia continued the price war, despite the conclusion of a new deal to reduce oil production within OPEC+. This is written by Bloomberg.

The Saudi state oil company Saudi Aramco on Monday, April 13, officially announced the may price for raw materials supplies. For Asia, which is the largest market in the world, they are reduced by 4.2 dollars from the level of April, writes Reuters.

“The market is still full of oil, and Saudi Aramco shows that it is still ready to fight for its market share,” explained Ole Hansen, an analyst at Saxo Bank. For Europe, prices remained at the same level, for the United States, they rose.

OPEC+ countries, including Russia, signed a new agreement to reduce oil production on April 12. Under the agreement, the reduction will be 9.7 million barrels per day for May-June 2020. Middle Eastern countries have promised to voluntarily reduce production by another two million barrels per day over the agreed; G20 countries are going to reduce it by an additional 3.7 million.

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