Expert: Decline in oil price is caused by Saudi Arabia

Baku. 20 December. REPORT.AZ/ After rising yesterday, the oil prices on the world market have fallen again.

Report informs that as of 1:25 p.m. (GMT +4), Brent crude price dropped by 3.86% to $55.03, while WTI crude fell by 4.32% to $46.09 a barrel.

Pakistani economic analyst Malik Ayyub Sumbal told Report that the oil price decline is caused by record volumes of crude oil export by Saudi Arabia: "US President Donald Trump puts pressure on Saudi Arabia to increase oil export in order to keep prices low for his the benefit of his policy. Though OPEC countries agreed to reduce output at the end of the year, oil abundance by Saudi Arabia played an important role in decline in the oil price."