Global Oil Prices Hit Lowest Level Since 2016

Dwi Hadya Jayani 09/03/2020 16:27 WIB

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Global oil prices hit a new low after Saudi Arabia slashed its selling prices and announced plans for a significant production increase.

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Global Oil Prices Hit Lowest Level Since 2016

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WTI and Brent Prices

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Global oil prices have hit their lowest level since 2016 after Saudi Arabia slashed its selling prices and plans to significantly increase oil production. This year alone, Brent crude oil prices have fallen by 47%, from US$61.33 per barrel on January 2, 2020, to US$32.52 per barrel. West Texas Intermediate (WTI) crude oil prices have decreased by 46%, from US$66.25 per barrel to US$35.72 per barrel.

Saudi Arabia will increase its production to over 10 million barrels per day (bpd) in April. This move is in response to the expiration of the production cut agreement between OPEC and Russia in March. Furthermore, Saudi Arabia will also cut its crude oil selling prices for April for all crude grades and destinations, ranging from US$6 to US$8 per barrel.

Editor : Safrezi Fitra

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."