Corona caused Saudi Arabia to cut crude oil prices

Riyadh, Ta. Sunday, September 6, 2020

Demand for petrol and diesel has skyrocketed due to the global Corona epidemic. In the midst of this situation, Saudi Arabia has now decided to reduce the price of crude oil. The price has been slashed by Saudi Aramco, the largest producer of crude oil in Saudi Arabia. As a result, crude oil may become cheaper globally.

However, petrol prices in India are currently rising day by day. Saudi Arabia's main market is in Asia, including India. The reduction has been in crude oil exports to Asia. After which the price of crude oil exported to Europe and other countries may also be reduced.

Lockdowns were declared in several countries this year due to the Corona epidemic. During which crude oil purchases fell. In Asia, both China and India are the largest buyers of crude oil. The decision has been taken with both these countries in mind.

A statement issued by the company said that the company is reducing the price of a barrel for light exports to Asia by 1. 1.40, which will be effective from October. Earlier, Saudi Arabia had raised crude oil prices from June to August.

This increase was for the countries of Asia. However, demand from companies associated with the refinery declined due to the Corona epidemic. This decline is being seen due to the Corona epidemic. In the wake of this, Saudi Arabia has decided to reduce the price of crude oil.