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Saudi Arabia raises oil price for Asia, but reduces it for Europe and US: a serious blow to India; collateral damage to the rest

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Saudi Arabia raises oil price for Asia

The rift between Saudi Arabia and India over the production cuts that has been simmering for weeks took a turn for the worse when the verbal exchanges become, according to their own interpretation, undiplomatic.

When Saudis were compelled to deviate from their long-held position of exercising caution at the recent OPEC+ meeting, India could not be happier, perhaps, thinking their thinly-veiled threats in terms of looking for new crude sellers did the trick. 

Much to their dismay - and those of Asia - however, Saudis hit back by raising the crude oil price for Asia, the next day; adding insult to injury, they kept the price unchanged for Europe and even decreased the price of oil for the US.

The call between the US energy secretary and the Saudi oil minister just before the recent meeting on April, 1, seems to have done the trick at least as far as the US interests are concerned. Saudis denied that was the case, though. 

Please read more on this here:


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