Saudis Cut October Crude Oil Price to Asia as Demand Wanes
Crude oil storage tanks an oil refinery and oil terminal in Ras Tanura, Saudi Arabia.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Arabia cut pricing of its flagship crude grade for its main market in Asia next month as concerns mount over waning demand.
State-owned Saudi Aramco lowered the official selling price of its Arab Light crude for buyers in Asia by 70 cents to $1.30 a barrel against the regional benchmark, according to a price list seen by Bloomberg. The company was expected to reduce the grade by 85 cents a barrel, according to a survey of traders and refiners.