Ras Tanura port is considered as one of the biggest of Saudi's oil giant Aramco. The oil from this port to Europe and America is going through Persian gulf and then gulf of Oman to red sea through the Gulf of Aden or Bab-al-Mandab and through the Suez Canal. It was easy to transport oil to North America or Europe. And for South America, this route is also good and another route is from the cape of good hope and for Southeast Asia is going through the Gulf of Oman to Indian ocean through the Arabian sea and then to the strait of Malacca from Andaman sea.
Saudi Arabia is the largest exporter of crude oil in the world and supplies destinations in...
Can you explain this in terms of economics? DUBAI, March 7 (Reuters) - Saudi Arabia slashed its official selling price (OSP) for April for all its crude grades to all destinations, after OPEC's oil supply cut pact with Russia fell apart on Friday, sending oil into a tailspin. State oil giant Saudi Aramco has set its Arab light crude oil to Asia for April at a discount of $3.10 to the Oman/Dubai average, down $6 a barrel from March, the...
DUBAI, March 7 (Reuters) - Saudi Arabia slashed its official selling price (OSP) for April for all its crude grades to all destinations, after OPEC's oil supply cut pact with Russia fell apart on Friday, sending oil into a tailspin. State oil giant Saudi Aramco has set its Arab light crude oil to Asia for April at a discount of $3.10 to the Oman/Dubai average, down $6 a barrel from March, the company said in a statement late on Saturday....
DUBAI, March 7 (Reuters) - Saudi Arabia slashed its official selling price (OSP) for April for all its crude grades to all destinations, after OPEC's oil supply cut pact with Russia fell apart on Friday, sending oil into a tailspin. State oil giant Saudi Aramco has set its Arab light crude oil to Asia for April at a discount of $3.10 to the Oman/Dubai average, down $6 a barrel from March, the company said in a statement late on Saturday....