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China Russia Saudi Arabia region Mediterranean pandemic economy Government Coronavirus China Russia Saudi Arabia region Mediterranean

Saudi Arabia cuts oil prices as coronavirus continues to sap energy demand

China Russia Saudi Arabia region Mediterranean pandemic economy Government Coronavirus
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oil price used by the Saudis for the first time since June. It’s the second consecutive month of reductions for barrels to the region and the first month in six that U.S.

refiners will see a cut. Aramco will trim pricing, too, for lighter barrels to northwest Europe and the Mediterranean region.Oil demand has plunged this year after the pandemic forced governments to lock down economies, airlines to cancel fights and workers to stay at home.

Saudi Arabia, Russia and other OPEC+ producers agreed in April to slash output by almost 10 millions barrels a day, roughly 10% of global supply, to bolster prices.Those cuts and a demand recovery in China have since helped oil prices more than double.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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