Moscow has refused to support deeper new cuts, and Riyadh has responded by opening its doors wide to the market and vowing to bring it to record quantities.
Saudi Arabia applies a significant reduction to the official selling prices of its oil. Traders said that Arab raw materials are being offered Light and medium At a price between 25 and 28 dollars a barrel.
Sources in major oil and refining companies dealing with crude in Europe told Reuters. The oil company Saudi National Aramco has informed them that it will supply all the additional quantities required next April.
This action has flooded the global market with oil and increased supply against demand, which means an increase in prices dropWhich will constitute a profitable or economic opportunity for countries that do not export oil, or that do not have an oil reserve on their lands, and these are some Arab countries that can benefit economically from the current situation.
The first Arab country to monitor this economic opportunity is Tunisia. The Tunisian Prime Minister, Elias Fakhfakh, announced last Wednesday that Tunisia imports more than 50% of its oil needs, considering that the low price of a barrel of oil will lead to a reduction in the cost of importing oil materials.
Lebanon is one of the countries that import oil derivatives, and the Lebanese government announced last year that Lebanon entered the market to import oil derivatives and buy about 10% of Lebanon’s needs.
Although Lebanon announced the first steps to explore for oil and gas fields in the Mediterranean, reaching a stage of production needs a long time, so low oil prices represent an economic opportunity for Lebanon at the present time.
Jordan is also one of the oil importers, and the quantities of oil imported from Iraq amounted to about 545,000 barrels, which were discharged into the Jordanian oil refinery, according to the Ministry of Energy and Mineral Resources announced in November 2019.
It is likely that the decline in international oil prices will save the Jordanian government a lot of money that must be paid in foreign currencies to meet the needs of the internal market.
Morocco, West, sunset
The high price of crude in 2019 threatened the Moroccan economy, due to the high energy bill in the country, which is considered non-oil producing, despite the existence of a lot of studies that talk about the existence of an untapped oil stock in the country.
Morocco imports all its needs for energy products, as the bill for the purchases of these products in 2017 reached $ 7 billion, and the bill rose about 18.3 percent in 2018, to settle in the range of $ 8.4 billion, according to official data in 2019. This decrease in oil prices Global, the public treasury will save millions of dollars, which can be invested in other sectors.
Although there is a large oil reserve in Syria, but the presence of many oil wells in the northeast of the country, under the control of American forces in an illegitimate manner, and the departure of some wells from service, made them imported to some oil derivatives, such as gasoline and diesel, and it is certain that the increase in supply On the world market for oil derivatives, the Syrian government will benefit from it, despite the application of an unjust economic blockade on the country.
And the Russian Energy Minister, Alexander Novak, Today is Friday His country may resume oil production, which was reduced in accordance with the “OPEC +” agreement, by 200 thousand barrels per day.
A joint response to the situation in the oil market is expected, if necessary. In future, the alliance may return to regulating the level of production. The minister also said that the next OPEC + meetings will be held from May to June 2020.