The world's dominant crude exporter, sliced their oil prices for Asia by $0.9 (90 cents) per barrel - This obtains the rank of the 'largest discount' in 14 years.
Prices were cut on each of the four oil grades which are sold to Asia, Saudi Arabia's largest consumer. Was a discount offered due to buying a bulk amount? Why are Asia buying a large amount?
Note - Discounts on 'Extra Light Crude' directed at Asia also obtained a
14-year low.
- As for European countries, oil prices were raised from 70 cents to $1.15 (An increase of 45 cents), Oil prices were also raised for the US by 15 cents - these actions may suggest that they are playing into the country's fight for global market share.
The decision of the Organization Of The Petroleum Exporting Countries (OPEC) to leave oil production volumes unaltered during Summer 2014, has caused oil prices to plummet beyond 50%.
Brent Crude continues to rise this Friday from $57.90 - $58.48 at (14.30PM). At this moment of time, it is $57.88 (15.40PM). During the summer of 2014 - Oil cost around $110 for each barrel.
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