Saudi Aramco, the Saudi national oil company, announced its official crude oil price in September on the afternoon of 6 June local time. It showed that the price of Arabian light crude oil for Asian market of the company in September was adjusted by 0.3 US dollars compared with that of last month, the price of Arab light crude oil for the United States was the same as that of last month, and the price of Arab light oil for Western Europe and Northern Europe decreased by $2.5 compared with August It is also that after five months, Saudi Aramco lowered the price of crude oil for Asian and European markets at the same time.
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In March this year, after the negotiation agreement on crude oil production reduction between Saudi Arabia and Russia broke down, Saudi Arabia announced a substantial increase in crude oil production and a reduction in crude oil prices to launch a crude oil price war. After the re conclusion of the production reduction agreement in April, Saudi Arabia gradually increased the price of crude oil to various markets and reduced production to stabilize the international crude oil market Monthly crude oil prices rose the most in 20 years.
Market analysis shows that after the agreement on crude oil production reduction reached between the organization of Petroleum Exporting Countries and Russia, the international crude oil price has gradually risen. However, the Gulf oil producing countries are still under great pressure due to the new outbreak. Therefore, Saudi Arabia hopes to stabilize its market share by lowering the crude oil price. However, this action may trigger a chain reaction, which will put pressure on the upward trend of international crude oil price 。
Saudi Aramco is the world’s largest oil company. According to the usual practice, the company will announce the official price of crude oil in the next month around the 5th of each month, and this index has important guiding significance for the price of crude oil in the whole Middle East.
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