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Saudi oil price cut to hit ASX shares – Motley Fool Australia
Saudi Arabia has cut its oil price to below the benchmark to try to win back market share. This will have a long term impact on ASX shares.
Underneath the rhetoric and bluster of global tensions, there is a vastly different story unfolding. In recent months, China has moved away from Saudi Arabian oil in preference for supplies from the United States. This is part of a demand shock that has seen Saudi Arabia cut its official price for oil. This is just the most recent event to have a negative impact on oil and gas ASX shares. Moreover, within the LNG sector, PetroChina has called for meetings with its suppliers to renegotiate prices…
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