Saudi Aramco cuts Asia crude prices to six-year low amid recovery as oil flows rebound
Saudi Aramco has cut prices for its flagship crude grade sold to Asian buyers to a six-year low, as the world’s largest oil exporter competes for market share amid a recovery in oil shipments through the Strait of Hormuz. The state-owned Saudi oil company will sell Arab Light crude to Asian customers at a discount of $5 a barrel below the regional benchmark for November, widening the discount…
Saudi Aramco has reduced the prices for its top crude grade sold to Asian buyers to a six-year low, in an effort to increase market share amid a recovery in oil shipments through the Strait of Hormuz. The state-owned oil company will sell Arab Light crude to Asian customers at a discount of $5 a barrel below the regional benchmark for November, up from a $2 discount in October.
This price cut signals that Saudi Arabia may be attempting to boost sales to Asia as oil flows from the Middle East recover following months of disruption related to the Iran war.
Brief written by urgent.news from The National UAE's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
