Saudi Arabia Lowers Oil Pricing to U.S. Before OPEC Meeting
- Premiums cut, discounts deepened for all grades to U.S.
- Discount for Arab Light in Asia widened to $1.40 a barrel
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Saudi Arabia, the world’s largest crude exporter, cut pricing for January oil sales to the U.S. before the Organization of Petroleum Exporting Countries meets to decide on production targets.
Saudi Arabian Oil Co. lowered its official selling price for all crude grades to the U.S., the company said in an e-mailed statement Wednesday. In Asia, the discount for its Arab Light against a regional benchmark will be $1.40 a barrel, compared with $1.30 in December. It was expected to be widened by 25 cents, according to the median estimate in a Bloomberg survey of eight refiners and traders.