Saudi Arabia monarch reduces price
The king of Saudi Arabia Abdulla declared that he takes steps to reduce oil price.
The monarch pointed out that if cost increase of oil caused damage to the economy of most countries his kingdom on the contrary won from it.
Oil production in Saudi Arabia is 10mln barrels per day. It is expected that cost increase will slow down and demand for oil will be satisfied.
On Thursday in New-York commodity exchange oil price reduced on $1.
Gasoline went down in price on 8 cents and now one gallon costs $1,7480.
According to the Ministry of Energy the oil-stock grew up to 306,4mln barrels. In comparison with the last year it is 11% more.
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