Saudi Arabia provides oil at discounted prices to Europe

Saudi Arabia has announced to European customers a discount on crude oil by strengthening the signal of growing competition between the two producers of the OPEC cartel, Saudi Arabia and Iran.

The price cut comes after the new bankruptcy during the meeting in Vienna despite the efforts of the Arab country to converge towards a membership freeze of the production ceiling. The Vienna Summit would have to approve a bid rationing of the cartel, but are still conflicting views. In particular, Iran remains opposed, and has recently restored its production, after the long stall caused by contention on nuclear power.

As reported by the Wall Street Journal, Saudi Aramco, the oil group in Arabia, in an email sent to customers State, announced the cut in the price of light crude by 35 cents per barrel towards the Northwest Europe and 10 cents against the Mediterranean for items related to next July.