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Saudi Arabia on Thursday dropped its prices for August sales in Asia because of its light oil while the world's largest oil exporter increases its production to assure buyers that There is enough supply after the President of the United States, Donald Trump demanded that OPEC do more to stabilize the oil markets.
Oil prolonged its losses after Saudi Arabia reduced most prices for Asian, European and American markets.
The company, known as Saudi Aramco, lowered its official prices for selling light Arab crude for buyers in Asia at $ 90 a barrel above the Middle East reference point, said Thursday the company. the prices sent by email.
The 20-cent reduction was the first reduction in four months since the highest since July 2014 and coincided with the expectations of four operators in a Bloomberg survey.
"REDUCING PRICES NOW!" Trump tweeted on Wednesday, demanding that the Organization of Petroleum Exporting Countries do more to help lower the cost of gasoline in the United States.
Trump said Sunday that OPEC should put another 2 million barrels on the market to make up for the next deficit in Iranian crude sales due to sanctions.
The group of producers and their partners agreed on June 23 to increase oil production, with Saudi and Russian energy ministers saying they would add about a million barrels a day at the market.
Brent crude rose 5.2% the first week after this deal, as losses in production in Libya and Venezuela and the prospect of declining Iranian exports offset the promise of increased Saudi oil production.
The world benchmark drops 0.13% to $ 78.13 per barrel at 12:02 pm from the Mexico City Center in London.
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