Iraq and Kuwait reduce the price of a barrel of oil to their Asian clients

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Iraq and Kuwait announce a reduction in the price of a barrel of oil to their customers in Asia, after Saudi Arabia took a similar action, and the UAE announced its ability to raise its oil production.


  • Iraq has reduced the price of a “Basra Basra” light barrel by $ 5

Iraq and Kuwait, two of the largest producers of the “OPEC” organization, announced that they would offer a big discount in the price of oil, which they sell to Asia, after Saudi Arabia took a similar step.

And Iraq reduced the price of a barrel of “Basra Basra light” by $ 5, at a time when the Iraqi company to market “Sumo” to increase exports next month, according to sources, “Bloomberg.”

For its part, Kuwait announced a discount for buyers in Asia of 6 dollars per barrel, the same discount that Saudi Arabia provided to customers in East and Southeast Asia.

And she was UAE It announced that it could increase its oil production by about one million barrels per day next April, after an announcement Aramco Saudi Arabia It received a directive from the Ministry of Energy to raise the maximum production capacity to 13 million barrels per day.

The UAE government group, ADNOC, said in a statement that it “has the potential to supply markets with more than four million barrels per day”, which is more than one million barrels of its current daily production rate.

An oil war has been going on between Saudi Arabia, the world’s largest oil exporter, and Russia, the second largest exporter, since last Friday, after the group of OPEC countries led by the kingdom and the oil countries outside it led by Moscow failed to agree to a cut in production.

Saudi Arabia, during a meeting in Vienna, called for an additional 1.5 million barrels reduction to face the sharp drop in prices due to the spread of the new Corona virus, but Russia refused this.

In response to the Russian position, Saudi Arabia reduced the prices of its oil for sale to its lowest level in 20 years, in an attempt to seize a large market share, which sparked turmoil in Energy markets Andstock market, Especially the Gulf ones, which received heavy losses.





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