Saudi Arabia brings down oil prices for Asian countries
Following an agreement to reduce oil production under OPEC+, Saudi Arabia plans to cut May fuel prices for buyers in Asia. Saudi Arabian state oil giant Aramco has set the May price for its light crude oil for Asia at a discount of $7.3 to the Oman/Dubai average, which is $4.2 below the April rate, a document released by Reuters said. Meanwhile, the May price for the United States was $3 higher than the April rate. The price for Northwest Europe has remained unchanged. It is to remind that after long negotiations, Russia, the United States and Saudi Arabia agreed to conclude a new OPEC+ agreement to phase out oil production in order to stabilize world markets and maintain the sustainability of the global economy as a whole. Countries that joined the agreement will reduce oil production by 9.7 million barrels per day in May-June this year.
