Global fuel prices drop

The price of fuel oil has fallen in the world market, the world's top oil importer China's demand has decreased and the most exporter Saudi Arabia has announced that the price of crude oil has fallen in the global market.

According to the information of energy news agency AttlePrice.com, Brent crude oil prices fell 4.46 percent to $93.77 per barrel in the global market on Monday.

The US and the US-based Texas Intermediate (WTI) has reduced crude oil prices by 4.71 percent to $87.75 per barrel, with the price of crude oil at $93.83 per barrel.

According to a report by the news agency Rotters, China's economy slowed unexpectedly in July, and the country's daily refined oil production has decreased by 12.5 million 30,000 barrels, and after March 2020, China's economy has not slowed down so much.

Heron Lin, an economist at market research firm Moodys Analytics, said that the data published by the Chinese government has affected the domestic market of China due to the record of the price of fuel oil, and the demand for energy in the country has also decreased due to the decrease in consumer demand.

He said the demand for the rest of the year will be low in the rest of the year, and demand for oil has also decreased due to early precautions against COVID restrictions.

Saudi Arabia's state company Saudi Aramco has also announced the production of oil production, Amin Nasser, the company's chief executive, said on Sunday that they are ready to produce a maximum of 12 million barrels of oil per day if the Saudi government requests.

Analysts say the European Union agreed to the proposal to reinstate the 2015 nuclear deal, which will bring more oil to the market because the reinstatement of the deal will lift the ban on Iran's oil exports, which could further reduce the price of oil in the global market.