Saudi Aramco Cuts Oil Pricing for Europe Where Russia Dominates
- Europe faces possibility of price wars: Russia’s Rosneft
- Europe seeing ‘decent’ demand growth: Emirates NBD’s Bell
The Saudi Aramco oil facility in Dammam, Saudi Arabia.
Photographer: Hassan Ammar/AFP via Getty ImagesThis article is for subscribers only.
Saudi Arabia lowered oil pricing for European customers, a sign the world’s biggest crude exporter is seeking to expand market share in the region dominated by Russia.
State-owned Saudi Arabian Oil Co. lowered its official selling pricing for all grades to northwest Europe for the second straight month, along with all prices to the Mediterranean and some to Asia, against regional benchmarks. It raised the pricing of all sales to the U.S., it said Wednesday in an emailed statement.