Baghdad, The American Bloomberg Agency announced that: Iraq and Kuwait decided to reduce the selling prices of their crude oil, one day after Saudi Arabia announced to reduce the price of selling its oil for the next month.
The agency stated that: The decline in crude prices threatens the budgets of oil countries that depend on export revenues as a main source of their national income, which will push these countries to increase production to maintain the level of revenue.
Among the reasons for the decline in oil prices, the failure of "OPEC" and independent exporters to agree to reduce supply quantities, as well as the spread of the "Coronavirus in major industrial countries including China, South Korea and Italy.
Iraq reduced the price of selling Basra Light crude to Asian countries by 5 dollars per barrel for next April delivery.
Aramco announced yesterday to reduce the selling price of Arab intermediate crude by $ 6 a barrel.
Iraq also announced a reduction in the sale of its crude oil to Europe and the United States, but also for a smaller amount than the reduction in Saudi oil prices in these markets.
Source: National Iraqi News Agency