State oil producer Saudi Aramco is cutting its benchmark Arab Light crude more than expected and lowering the grade to a discount for the first time since June for buyers in Asia.
SAUDI Arabia cut pricing for oil sales to Asia and the U.S. for October shipments, a sign that the world’s biggest exporter may see fuel demand wavering amid flare-ups in the Covid-19 coronavirus.
State oil producer Saudi Aramco is cutting its benchmark Arab Light crude more than expected and lowering the grade to a discount for the first time since June for buyers in Asia. It’s the second-consecutive month of cuts for barrels to Asia. Aramco will also trim pricing for lighter barrels to northwest Europe and the Mediterranean region.
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