Aramco Cuts October Crude Pricing to U.S. as Demand Declines
- Medium crude discount to U.S. widened first time in 8 months
- Arab Light crude premium to Asia cut 30 cents a barrel
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Saudi Arabia, the world’s largest crude exporter, cut pricing for all October oil sales to the U.S., widening the discount on its Medium grade for the first time in eight months, with refining demand plunging after the end of the summer driving season.
State-owned Saudi Arabian Oil Co. cut its official selling price for October
Arab Medium sales to U.S. buyers by 50 cents a barrel, to 55 cents less than the regional benchmark, the company said in an e-mailed statement Thursday. Light crude will sell at a premium of 95 cents a barrel to the regional benchmark, 60 cents below the differential in September.