In a bid to match competition and maintain demand, the Saudi Arabian Oil Co. has offered a discount of $3.20 per barrel for Asia and US (for medium grade oil). This is its highest discount offer since February 2012. Discount on Arab light crude also increased by $1.70 which was the deepest since January though less than expected.
The price levels for Light, Medium and Heavy grade oil were increase for Europe and decreased for Mediterranean.
The country shall continue investing in oil. Ali Al-Naimi, the country’s oil minister said that volatile oil prices affect investments, creating a situation that’s not good for producers or consumers. He reassured that the state shall continue investing in oil.