After the start of the price war between Saudi Arabia and Russia, the oil price fell on Monday by around 30 percent. The crash of Brent by 31.5% to 31,02 dollars per Barrel was the largest decline since January 1991 to the beginning of the first Gulf war.

This was also the case for US light crude, which fell initially by around 27.5 per cent to 30 dollars per barrel. Experts predicted a few weeks or months-long conflict. "Saudi Arabia and Russia are in an Oil price war occurred, is likely to be limited and tactically," wrote the Eurasia Group in an analysis.

Saudi Arabia wants to promote high

On Friday, the talks between the Opec and Russia on a common conveyor brake had failed. The Saudi Arabian oil company Saudi Aramco announced plans to reduce the official selling price for all oil grades and all customers. So should reduce the cost of deliveries to North-West Europe to eight dollars per Barrel, a verb.

The Kingdom – the world's largest Oil exporter – will continue its promotion of high, like the Reuters news Agency on Sunday learned of two insiders. The price of Oil is already in place because of the fear of a downturn in the global economy in the Wake of the Coronavirus epidemic under pressure. (chk/sda)

Created: 09.03.2020, 01:02 PM