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oil rig in the sea in saudi

Saudi Arabia offers more oil in Asia as OPEC raises supply

Date: 17 July 2018

Saudi offer extra crude volume in Asia as OPEC leader plans high output

Saudi Arabia is offering extra oil in addition to its normal supply to some of the buyers in Asia as the OPEC leader plans to increase output, heeding to the call of U.S President to increase the oil supply in the market and keep a control over prices.

While some of its customers like India have warned of a decrease in demand owing to the high prices, China had already cut down its purchases due to increased prices.

The offer has come at a time when investors are looking out for signs that Saudi will step in to bridge the supply gap which is caused by decreased production in Venezuela, problems in Libya and renewal of US sanctions on Iran. Last month Saudi and Russia also convinced the OPEC members to boost oil output after more than a year of production restraint resulted in contraction of global glut and a boost in prices to the same level as seen in 2014.

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