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Aug 5, 2022

Saudi Arabia increases oil price for Asia

Foreign Affairs News Desk
Increasing index of world oil price. image TT
Increasing index of world oil price. image TT

Saudi Arabia’s state oil producer Saudi Aramco raised oil prices for buyers in Asia.

According to Aramco’s report, the price has been increased to US $ 9.80 per barrel.

Saudi Arabia is the world’s biggest oil exporter and sells most of its crude oil in Asian countries.

As crude oil is the most important commodity, the price of oil is the most important value on international commodity markets especially in the Asian and Latin American countries as their economic growth is based on oil.

Oils are usually flammable and nonpolar chemical substance that is composed primarily of hydrocarbons and is both hydrophobic and lipophilic.

Today’s crude oil price in the international market is US $ 88.51 per barrel.