Namal oil prices halve in Saudi

Namal oil prices halve in Saudi

Oil sales have dropped at an unusual rate around the world due to the coronavirus epidemic. As a result, oil prices are falling one by one. Oil prices have dropped by half compared to last month. The new price will be effective from Monday (May 11).

According to the latest data from Saudi Aramco, the price of 91 liters of petrol is now 0.8 paisa (halala) and the price of 95 octanes per liter is now 0.8 Money (halala). Till yesterday it was 1.13 and 1.48 Saudi R Earlier on Monday (April 27), the epidemic reduced oil demand in the world market to the bottom. The price of oil, which was once above 100 in the world market, has come down to 15. However, stocks have increased due to non-sales in exporting countries including the United States and Saudi Arabia.iyals per liter respectively.

In the United States, crude oil fell. 1.49, or 6.7 percent, to 15.45 a barrel. Brent oil in London fell 44 cents, or 2.1 percent, to 21 a barrel. In the last nine weeks alone, crude oil prices in the United States fell 6 percent and Brent oil fell 24 percent.

Meanwhile, in the history of oil in the United States, the price has dropped below zero dollars.

Analysts say the price of fuel oil in 2013 was 110. But later, due to the economic downturn, prices fell slightly. But now due to the Corona epidemic, all the factories around the world are closed. This has reduced the price of oil. In the last two months, the demand for fuel oil in the world market has decreased by 30 percent.

Michael McCarthy, the chief analyst at CMC Markets in Sydney, said the reason for the drop in oil prices was the huge drop in demand in the global market, despite huge reserves in the United States.

Earlier, on April 21, oil prices in the United States fell below the dollar. This means that for the first time in history, the price of fuel oil has come down.