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Saudi Arabia increases the price of oil to the US | News

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Saudi Arabia’s state-owned oil company, Saudi Aramco, raised fuel prices for the United States on Thursday, lowered them for Europe while keeping them relatively flat for Asian customers.

CMIO.org in sequence:

OPEC+ announces production cut to boost prices

The company increased the US by 0.2 dollars per barrel of all hydrocarbons, meanwhile, it reduced Europe by 1.8 dollars per barrel in light and extra-light grades, as well as 1.5 dollars per barrel in medium and heavy.

For its part, to the Asian continent where the largest amount of Arab crude is exported, light and super-light grades maintained their price, medium and heavy grades rose by 0.25 dollars per barrel and extra-light grade decreased by 0.1 dollars.

In this sense, the geopolitical expert, Fernando Moregón, affirmed that “this is a symbol of the bad relations between Saudi Arabia and the United States (…) The Saudis have gradually moved away from a country in which they can no longer trust”.

The academic stressed that the confiscation of Russian currency in the US by Washington makes countries like Saudi Arabia “turn towards what are the new emerging economies.”

The most recent meeting of the Organization of Petroleum Exporting Countries Plus (OPEC +) held this Wednesday agreed that member countries should cut production by 2 million barrels per day.

On the other hand, the White House press secretary, Karine Jean-Pierre, stated that “OPEC’s decision to cut production quotas is short-term, while the world economy is dealing with the continuous negative impact of the invasion of Ukraine by Putin”.

Based on this, US President Joe Biden ordered the Department of Energy to release 10 million barrels of crude oil from the Strategic Petroleum Reserve starting next month.

Disclaimer: Via Telesur – Translated by RJ983

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