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ForexEcho is a news aggregator website that delivers all the latest high impact forex news that moves markets. Our goal is to provide financial traders with news on key economic indicators from reputable and authoritative sources that are both timely and relevant, day in and day out.
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13.04. Saudi Arabia continues the price war Saudi Arabia again went against its colleagues under the OPEC+ agreement and seems to have decided to continue the price war. Despite a deal concluded over the weekend to further reduce oil production, the Kingdom announced today that it is increasing discounts on its oil. For example, the cost of a barrel of Arab Super Light in the Asian market is lower by $5.5 than in other regions. For Northern Europe, discounts will remain the same, but the southern countries of the Old World will be able to count on an increase in discount. Compared to the Brent price, the Saudi Arab Extra Light will cost $10.3 less. Thus, despite OPEC's efforts to stabilize the oil market, the historic deal to reduce production remains so far only in theory. To see a more or less fair value, it is necessary to wait until quarantine measures are lifted in many countries.
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