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| International-UN-NGOs |
| Saudi Arabia has decided to reduce oil prices |
| 2024-01-08 |
| Direct Translation via Google Translate. Edited. [Regnum] Saudi Arabia, against the backdrop of declining market demand, has decided to reduce oil prices for buyers in all regions, including Asia, Bloomberg writes on January 7. The state-owned company Saudi Aramco has reduced prices for Arab Light oil for supplies to Asian countries by $1.5-2 per barrel. In addition, the company reduced prices for oil supplies in February for the countries of North-Western Europe, the Mediterranean and North America, the material says. In February and March, there will be a decrease in oil consumption, and refineries will be closed during this period for scheduled maintenance, the authors noted. In addition, the decision to reduce prices was made against the background of the risk of a supply surplus due to an increase in oil supplies from the United States. As Regnum reported, on November 30, OPEC+ countries reached a preliminary agreement on a new reduction in oil production by more than 1 million barrels per day. On the same day, Russian Deputy Prime Minister Alexander Novak announced that Russia would deepen the voluntary reduction in oil supplies to a total volume of 500 thousand barrels per day and extend it until the end of the first quarter of 2024. According to him, Russia fully confirms its full commitment to the agreements on a voluntary additional reduction in the export of oil and petroleum products by 500 thousand barrels per day (300 thousand barrels of oil and 200 thousand barrels of petroleum products), starting in January 2024. |
| Posted by:badanov |
| #10 If Trump is elected and lifts the pipeline and drilling bands, hold on tight ! |
| Posted by: Besoeker 2024-01-08 16:27 |
| #9 I think at this point anything that will help the economy will be left alone by the "fossil fuels must die" crowd until after the election. Hopefully, after the election, they will be on the outside looking in. |
| Posted by: M. Murcek 2024-01-08 16:15 |
| #8 the risk of a supply surplus due to an increase in oil supplies from the United States. Sorry, I missed that little bit of news. If it is not disinformation, we'd better not tell the Greta Greenies. |
| Posted by: Bobby 2024-01-08 16:05 |
| #7 Everything I’ve read for years suggests China is just a bunch of economic bubbles that started popping just before the Covid shutdown.. compounded by what looks like a long-term below-replacement birthrate leading to falling population. Possibly the bubbles would have been popping all along, but the shutdown masked those problems with more urgent problems. |
| Posted by: trailing wife 2024-01-08 15:01 |
| #6 China is being built up (by the usual suspects in the US) as the Godzilla sized boogyman of the USA. China may be closer to a Potemkin village on the verge of collapse than any of the "experts" are willing to admit. Remember how surprised the CIA was when the USSR collapsed? |
| Posted by: M. Murcek 2024-01-08 14:34 |
| #5 This does surprise me. The current US economy is strong (I'm not saying the long term is good), and Russia has to be gobbling oil like there's no tomorrow. India is growing at their usual rapid pace. Is the slowdown in China really that bad? |
| Posted by: Tom 2024-01-08 14:04 |
| #4 Short of setting the SPR up so it can't be manipulated as Joe has done over the past three years, it should just be left empty. |
| Posted by: M. Murcek 2024-01-08 13:49 |
| #3 Of COURSE Slow Joe will refill the SPR with the lower priced oil, right? Right? |
| Posted by: Frank G 2024-01-08 13:44 |
| #2 Lower oil & gas prices in an Election year? Who ever heard of such a idea? |
| Posted by: NN2N1 2024-01-08 13:00 |
| #1 Energy Department claims strategic oil reserve refill prices good for taxpayers, industry disagrees Collusion? |
| Posted by: Skidmark 2024-01-08 07:26 |