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Saudi Arabia collapses oil prices

Saudi Arabia collapses oil prices
Report Analytical Group: It would be difficult for oil prices to exceed 60 USD/barrel level

Baku. 3 May. REPORT.AZ/ Brent crude oil price decreased by 4% to $ 50.14 / barrel on May 2.

Report informs citing the Vesti, the reason for fall in oil prices was the increase in price cuts by Saudi Arabia for the third month in a row. Thus, the price of Arab Light crude oil will be sold at maximum discount in the last 9 months, Extra Light and Super Light crude oil will be sold at $ 0.6 and $0.7 discount in June. Experts say that Saudi Arabia has no other way. Because Iran and Iraq has started to take its market share in Asian market.

Although, news on discount by Saudi Arabia dropped oil prices to $ 50/barrel, last night, a sharp drop in US oil and gasoline inventories could prevent the decline in prices. Thus, on April 22-28 week, US oil reserves showed maximum decrease since 2016 - in the amount of 4.1 mln barrels. Gasoline stocks decreased by 2 mln barrels.

Analytical Group of Report News Agency informs, after slight fall in oil prices as date of OPEC meeting (May 25) approaching prices will start to rise. But forecasts show that, it would be difficult for oil prices to exceed 60 USD/barrel level. Oil prices can reduce to the level of 47-48USD/barrel.

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