The price list for state-owned Saudi Aramco, sent to customers on Sunday, the price for deliveries to Asia decreased by 1.7 per barrel. It is reported by The Wall Street Journal. Saudi Aramco is the main supplier of oil from the country.
Thus, the oil supplied to the world market of Saudi Arabia, will now be 1.6 dollars cheaper than the "black gold" produced in the Emirate of Dubai. Earlier, the Saudi oil was 10 cents more expensive than Dubai. The company Saudi Aramco has also reduced the price of heavy oil shipped to the Far East - the discount amounted to $ 2 per barrel. For the US, the price of Saudi oil dropped 30 cents.
The introduction of discounts The Wall Street Journal explains the desire of the Saudi state-owned company to increase its share in the global oil market. Earlier, similar discounts introduced other oil companies from Arab countries. In the recent months, the of oil production in Saudi Arabia amounted to 10 million barrels per day, almost equal to Russia. According to the publication, in September, the Russian companies have increased production to a record high since the Soviet Union 10.74 million barrels per day.
pivot point is at 45.8.
preference: SELL below 45.8 with target 44.63 and 44.3 points.
Alternative scenario: The upside breakout level of 45.8 will open the way to 46.33 and 46.9.