EQUITY WORLD : Saudi Arabia raised the price of oil for February 2017 sale to Asia

EQUITY WORLD - Saudi Arabia raised the price of oil for February 2017 sale to Asia. This is in line with the world's largest oil producers that prepare to trim production to ward off global oil oversupply.

Quoting Bloomberg, Thursday (5/1/2017), a Government-owned company Saudi Arabia Saudi Arabian Oil Co., or Saudi Aramco raised the official price of Arabian Light crude oil to Asia by 60 cents a barrel to 15 cents below the regional reference. Aramco is also raising the price of shipping diekspektasikan Arab oil Light 50 cents us dollars per barrel.

2016 ago, oil prices rose 52 percent. This was the first annual rise in four years in line with the agreement of the Organization of Petroleum countries (OPEC) Producers to lower their oil production for the first time in eight years.

At the end of the year 2016 and then OPEC and other oil producers of 11 countries including Russia any agreed decreases production amounted to 1.8 million barrels per day.

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This agreement is effective as of 1 January 2016. Last month, Saudi Arabia's Energy Minister Khalid Al-Falih declared the world prices of crude oil are forecast to be recovered in line with OPEC'S commitment in the agreement that has been reached. This intervention aims to get back to balance the oil market, where prices have to go up to encourage new investment.

"Crude oil prices will be stable in the range back 50 and 100 u.s. dollars per barrel," explained Al-Falih. U.s. oil buyers will pay a premium of 20 cents u.s. dollar per barrel higher for either type of Extra Light crude oil and Light in February 2017.

Meanwhile, the prices for Medium and Heavy type oil do not change. Saudi Aramco will limit sales to some parts of Southeast Asia this month. This is part of OPEC'S Saudi Arabia over the obligation to trim oil production amounted to 480,000 barrels per day into under 10.1 million barrels per day.

Countries in the Middle East oil producers compete with oil products from Latin America, North Africa, and Russia for buyers in Asia, the largest market. Producers in the Persian Gulf region is usually sold in long-term contracts to the company's purification.

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