2023-06-28 03:45:00
According to the publication, this unilateral cut will reduce production to just 9 million barrels per day, the lowest figure since 2011, barring brief interruptions during the COVID-19 crisis and the Yemeni attack on its facilities.
According to the US media, most of the oil that Riyadh will produce will go to Asian countries, following the state oil giant Saudi Aramco communicated to several refineries in Asia that they would receive as much crude as they request and that this will be felt in Europe and the United States. .
It is worth remembering that as of July, Saudi Aramco set a price of $7.15 per barrel for Arab Light oil, which it exports to the US, the all-time high and more than double its pre-pandemic price.
The article points out that although the US buys less than half of its oil from Saudi Arabia than it did just five years ago, diversifying its suppliers will not be easy. For this reason, the note points out, increasing prices for the US and European markets is logical from a financial point of view for the Islamic country.
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