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Saudi Arabia Increases March Oil Prices for US, Offers Discount to Asia

© Flickr / Dana SchagunnOil Well Pump Jack
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Saudi Aramco will reduce oil prices by $0.9 per barrel for Asian buyers, while the price for one barrel of oil for the Unites States will grow by $0.15.

Oil markets were negatively affected by Saudi Arabia's decision to cut prices for January deliveries to US and Asian customers. - Sputnik International
Global Oil Prices Continue to Drop as Saudi Arabia Maintains Production
MOSCOW (Sputnik) — Saudi Arabian state oil company Saudi Aramco will offer Asia a discount on oil supplies in March, while increasing its cost to the United States, the company said in an email to clients.

Saudi Aramco will reduce oil prices by $0.9 per barrel for Asian buyers, while the price for one barrel of oil for the Unites States will increase by $0.15, according to The Wall Street Journal.

Since summer 2014, oil prices have declined by over 50 percent. Following a decision by the Organization of the Petroleum Exporting Countries (OPEC) in late November to keep oil production volumes unchanged, the trend became even stronger.

An activist holds up a sign outside the State Department during a protest of the Keystone XL pipeline on March 7, 2014 in Washington - Sputnik International
Canada’s Sands Oil Production Depends on Saudi Arabia, Not Keystone
In summer 2014, oil cost about $110 per barrel. The price of one barrel is now hovering around $59.

Following the decline in oil prices, Saudi Arabia reduced the price of its oil, which many analysts said was an attempt at starting a “price war.” In response, Saudi Arabia stated that it simply does what is necessary to protect its market share.

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