MOSCOW (Sputnik) — Saudi Arabia, the largest oil exporter in the world, is going to decrease prices on oil deliveries to the United States and Northwest Europe in October, Bloomberg reported Thursday.
Saudi Arabian Oil Company (Saudi Aramco) has already reduced the selling prices to US buyers by 55 and 60 cents for Arab Medium and light crude oil respectively, Bloomberg said.
Saudi Aramco has also cut official selling price to Northwest Europe and Asia.
In August, Saudi Arabia reduced the oil production to 10.5 million barrels per day for the first time in 2015, according to Bloomberg.
Global oil prices have dropped dramatically due to oversupply in the market since the summer 2014. In November 2014, the Organization of the Petroleum Exporting Countries (OPEC) decided to keep its oil output levels unchanged, which led to a further slump in crude oil prices.
