Saudi Aramco to Cut Export Crude Prices on Refiner Profit Slump
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Saudi Arabian Oil Co., the world’s biggest crude exporter, may cut the official selling price of all of its September-loading crudes to Asia as processing profits for refiners have declined.
Arab Light, Saudi Arabian Oil’s largest export type, may be reduced by 50 cents from August, according to the median of responses to a Bloomberg News survey of six refiners in South Korea, Taiwan, India, and Singapore. That would put the price at a discount of 65 cents a barrel to the average of Persian Gulf benchmark’s Oman and Dubai, the lowest since January 2009. Arab Extra Light may be lowered by 80 cents, said the officials, who asked to remain unidentified, citing company policy.