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Aramco Cuts Asia Oil Pricing as Saudis Seen Losing Market Share

  • Saudi Arabia lowers pricing for June crude for sale to Asia
  • State-owned Saudi Aramco raises pricing to all other regions
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Saudi Arabia, the world’s largest crude exporter, cut pricing for June oil exports to Asia as it fights to defend sales in its biggest regional market. The kingdom raised pricing to all other regions.

State-owned Saudi Arabian Oil Co., known as Saudi Aramco, lowered its official pricing for Arab Light crude to Asia by 40 cents to an 85 cent discount to the regional benchmark, it said in an emailed statement, in line with the median estimate in a Bloomberg survey of five refiners and traders in the region.