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FINANCIAL NEWS
Saudi Arabia to keep crude supply to Asia steady in January
09 Dec 2014
(MENAFN) Saudi Arabia, the world’s top crude exporter, announced that it has decided to keep supplies at their normal volumes for Asian buyers in January, despite the fall in oil prices, Arabian Business reported.
The decision follows another one made by the Kingdom earlier this week, which resulted in it slashing the January prices to Asia and after it has blocked an output cut by OPEC and convinced the organization to maintain its production levels.
Oil prices, which have fallen to a five-year low this week, has plummeted by more than 40 percent since June, as the result of weakening global economy which caused the demand for crude to decline and an increase in Shale gas output from the U.S.
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