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Ample supplies bring oil price to 2-year low in Asia

Ample supplies bring oil price to 2-year low in Asia

SINGAPORE: The crude oil price round the world have fallen remarkably and oil prices Asia also fell due to increase in supply and strengthening of dollar in international currency market.

As per details, for November supply US delivery price have eased three cents to reach $ 90.70 benchmark while Brent crude slipped 10 cents to $94.06 in afternoon trade on Thursday.

On the other hand, Saudi Arabia, who has 16 percent of the world´s proved oil reserves and produces 11.6 million barrels a day, cut oil prices sharply to get better share of Asia market as international benchmark Brent crude oil has slipped to a two-year low.

Experts were of the view that this decrease by Saudi Arabia, may pose a budget deficit threat to its regional rival in oil trading, Iran, on which the Iranian minister asked Organization of the Petroleum Exporting Countries (OPEC) to stop reducing oil price.

“The meeting of OPEC in Vienna this November will be aimed at assessing, how the group can respond to abundant supplies coming from the shale oil boom in North America,” they added.