The oil prices announced by Saudi Arabia in each month this year are also one after another. At the beginning of this year, after the negotiations between the Organization of Petroleum Exporting Countries and Russia reached an agreement on crude oil production reduction failed. Saudi Arabia immediately increased the exploitation of crude oil, lowered the price of crude oil, and launched an oil price strategy to coerce Russia to change relevant agreements. In April this year, Russia finally agreed to make changes and signed an oil production reduction agreement with the countries of the Organization of Petroleum Exporting Countries. Arab countries gradually reduce oil prices in various markets and further reduce crude oil production to maintain international oil prices.
The oil price has been further raised by a large margin, because it is used to recover the economic losses caused by COVID-19. As an indispensable raw material for national operation, the price of oil, a necessity of life, has seriously affected national relations, and the adjustment of oil price also represents the oil policy of Arab countries towards various regions. The announcement of crude oil prices in September was actually a slight downward adjustment after a sharp rise, and the downward adjustment of Asian markets was not particularly large. But at least, the downward adjustment of oil prices is happy for the people. After all, China's demand for oil is among the highest in the world.
With the decrease of crude oil exports, Saudi Arabia recently adjusted oil prices in order to speed up the sales of stored crude oil and stimulate the domestic economy. With the rebound of COVID-19 epidemic, the international oil price will further change, and the Organization of Petroleum Exporting Countries will further adjust the oil production and oil price, and the international situation will also have a far-reaching impact on it.