Saudi Arabia threatens a record collapse in oil prices
The negotiations between Saudi Arabia and Russia failed, so Saudi Aramco has lowered the price of its oil to a minimum over the past 20 years.
Saudi Arabia could collapse world oil prices to a record level in 20 years. This is evidenced by the price offer sent by Saudi Arabia to its customers on the eve, Bloomberg writes on Sunday, March 8.
Saudi Aramco cut the price of its oil by offering record discounts. The kingdom is trying to encourage refineries in Europe, Asia, and the United States to buy Saudi oil.
Official prices are reduced by $ 6-8 per barrel in all regions. Saudi Arabia also intends to increase production by more than 2 million barrels per day (up to over 10 million barrels daily).
The official announcement is expected by Saudi Aramco on March 9th.
Recall that earlier negotiation between OPEC and Russia failed. Agreements could not be reached by Saudi Arabia and Russia. After the failure of the negotiations, the price of Brent oil fell below $46.
On the eve of the talks, the media reported that negotiations were on the verge of collapse due to Russia's unwillingness to further reduce production вЂ” by 1.5 million barrels per day for participants in the OPEC + deal. In this case, Russia will have about 375 thousand b / s of additional reduction.