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.
