Saudi Arabia has sharply changed the course and price policy towards the Asian buyers by promising a significant increase in oil price for the Asian markets.
In its letter to the clients Aramco state company of Saudi Arabia said that it is going to increase light oil price by $1.40. This will happen after several months of continuous reduction of oil price. The oil price for the US will also grow by $1.00.
The rise in price is much more serious, than the previous price fluctuations of the Saudi Oil. In the past Saudi Arabia did not increase oil price by more than several cents.
After slump of oil prices, all world markets concentrated their attention at Saudi Arabia. This could is the world biggest oil exporter and the biggest oil maker of the OPEC member-states.
Saudi Arabia refused to reduce oil production, despite oil price decline. In November 2014 Saudi Arabia surprised the world analysts by reducing its oil price at the US market.
The experts believe that Saudi Arabia has done that to hold out at the US market during the boom oil deliveries from the US.
The US Ministry of Energy reported that last week oil resources in the country increased by 8.43 million barrels and totaled 434.1 million barrels, which is the maximum since 1982.
Oil Minister of Saudi Arabia Al an-Nuyami said earlier that there are signs that demand in oil has been growing throughout the world.
Fatikh Birol, chief economist of the International Energy Agency (IEA), said that he expects change of balance at the oil market in the coming several months, because fuel price decline will lead to growth of demand and reduction of supply.
