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    Saudi Arabia Increases March Oil Prices for US, Offers Discount to Asia

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    Saudi Aramco will reduce oil prices by $0.9 per barrel for Asian buyers, while the price for one barrel of oil for the Unites States will grow by $0.15.

    MOSCOW (Sputnik) — Saudi Arabian state oil company Saudi Aramco will offer Asia a discount on oil supplies in March, while increasing its cost to the United States, the company said in an email to clients.

    Saudi Aramco will reduce oil prices by $0.9 per barrel for Asian buyers, while the price for one barrel of oil for the Unites States will increase by $0.15, according to The Wall Street Journal.

    Since summer 2014, oil prices have declined by over 50 percent. Following a decision by the Organization of the Petroleum Exporting Countries (OPEC) in late November to keep oil production volumes unchanged, the trend became even stronger.

    In summer 2014, oil cost about $110 per barrel. The price of one barrel is now hovering around $59.

    Following the decline in oil prices, Saudi Arabia reduced the price of its oil, which many analysts said was an attempt at starting a “price war.” In response, Saudi Arabia stated that it simply does what is necessary to protect its market share.

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    Tags:
    Oil, oil prices, Saudi Aramco, OPEC, United States, Asia, Saudi Arabia
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