Saudis offers extra oil to control prices

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Saudis offers extra oil to control prices

Saudis offers extra oil to control prices(Riyadh) – As a sign of the world’s largest exporter being worried about the impact of rising oil prices on the global economy, Saudi Arabia has offered its main customers in the US, Europe and Asia extra oil supplies. Last month, Group of Seven finance ministers called on oil exporters to expand production.
Saudi Arabia initially reacted coolly to the request, saying that global supply and demand were balanced. But the Kingdom has recently taken steps to bring down prices, consulting with large refiners and offering them extra oil.

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