Saudi Aramco Cuts July Prices for Light Crudes to U.S., Asia
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Saudi Aramco, the world’s largest oil exporter, cut official selling prices for light crude grades for July shipments to the U.S. and Asia. The company raised prices on the rest of its grades for July.
Saudi Arabia’s state-owned producer reduced the formula price for its Arab Extra Light crude to Asia by $1.40 a barrel, trimming it to $3.45 above the average of Oman and Dubai grades, the two Gulf benchmarks used by traders in Asia. It pared the price of Arab Super Light to Asia the most, by $2.90 a barrel, to a premium of $4.85 a barrel over the benchmark, Aramco said in an e-mailed statement today.