Asia cut Saudi Arabia's oil purchase

The plentiful supply of light oil in Saudi Arabia are beginning to offer damages to the country. That's because, with the abundance of supply, prices of light and extra light oil have risen too much, what's generating the withdrawal of refineries in Northern Asia to buy the product from Arabia.

According to information from Reuters, three refineries have cut the purchase in March, due to the non-competitive oil prices with quality similar to those sold in Abu Dhabi and in the North Sea.

Unlike the members of Opec and other countries outside the cartel, which pledged to reduce the global production of oil, Saudi Arabia, currently the world largest exporter of the product and which is also part of the deal, has kept the offer constant for most Asian clients in order to protect your market share. However, the country has been hampered by maintain high sales prices.