Monday, November 3, 2014

BREAKING Saudi Arabia Cuts Oil Price to US

Crude oil came under renewed selling pressure on Monday after a move by Saudi Arabia to cut December selling prices to customers in the US rattled the market.

Saudi Aramco, the state-owned oil company, said in a statement on Monday that it would cut prices for all oil grades to customers in the US by between 45 to 50 cents.

The US oil boom continues to have its impact.

(via FT)


Curiously, while cutting the oil price to the US, it raised prices on Asia and Europe.

Looks like a direct attack on US shale oil producers, who are limited in how much oil they can export.

1 comment:

  1. Why would the Saudis do this? They they lose money to. Maybe the royals and their american friends wants to pic up some cheap Shale assets. A dominant supplier with low production cost can acquire the competition.