Saudi Arabia raised crude price for the US, Europe and Asia

Almaty. February 3. Silkroadnews – Saudi Arabia raised March crude prices for customers from the US, Europe and Asia, TASS reports.

In particular, light crude price grew by $0.3 for Asian customers, without specifying the final value. Prices has been raised for all grades of oil to be sold to the US, Northwest Europe, the Mediterranean countries and Asia.

As previously reported, in terms of crude supplies to China in 2016 Saudi Arabia competed with Russia, Oman, Angola and Iraq. At the end of the year Russia surpassed Saudi Arabia, having sold to China 52.5 million tonnes of oil for $16.87 billion, while Saudi Arabia delivered to China 51 million tonnes for $15.57 billion.

In November 2016 OPEC made the first since 2008 decision to cut oil production to 32.5 million barrels per day.

Thus, in the first half of 2017 OPEC states are to reduce the average daily production by nearly 1.2 million barrels.

In December this agreement was joined by 11 independent producers, including Russia among them. Together the alliance is expected to reduce production by 1.8 million barrels per day.