Kuwait and Iraq lower their oil prices
The countries following Saudi Arabia's lead, cutting prices for April crude sales
Iraq and Kuwait have decided to cut prices for April crude sales, following Saudi Arabia's lead following unsuccessful OPEC+ meetings. The UAE also made a minor reduction in pricing.
Crude oil spiralled to the $30 range after the OPEC+ meeting, where Russia refused to comply with additional cuts, and Saudi Arabia responded by slashing its oil prices, and will increase its maximum sustainable capacity to 13 million barrels per day in April, at the request of the ministry of energy.
Iraq cut the price of Basrah Light crude for customers in Asia by $5 per barrel, while Saudi Aramco cut $6 per barrel for its Arab Medium grade, and Kuwait also cut $6 per barrel of its crude. Meanwhile, the UAE dropped the cost of its crude for Febrauary by $1.36 per barrel from January--it is the only major producer that sets prices retroactively.