Young Journalists Club | Latest news of Iran and world

News ID: 5222
Publish Date: 8:56 - 06 October 2014
Tehran, YJC. As the oil price is going down in international markets, Saudi Arabia in a fresh coalition with the US has started selling oil to costumers for one dollar below the international average.

Experts believe that the US is relying on surplus Saudi Arabian oil to reduce the oil price in the global market, one of the results of whom would be to further pressurize Russia.

Furthering the momentum of the global oil price plunge-down, Saudi Aramco as the biggest company among the oil-producing companies has made new moves to yet make the prices go further down, shooting the first shot in a war on oil price.

The move shows that Saudi Arabia is not happy with the downward oil price movement. The move is going to be detrimental to Iran, Russia, and some other countries that need a minimum of 100 dollars for each barrel of oil sold in order to make their needed budget.

Saudi Arabia has lowered the price for its light oil in the Asian market as much as one dollar for November. The parties purchasing oil did not expect the prices to drop more than 70 cents.

Saudi Arabia has also reduced the price for its oil exported to Europe and the US 40 cents per barrel.

Source: mehr news


Tags
Your Comment
Name:
Email:
* Comment:
* captcha: