Saudi Arabia Cuts Oil Pricing as It Boosts Supply to Meet Demand
- September prices pared for all grades, markets except the U.S.
- Aramco cuts Light crude to Asia for second month in a row
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Saudi Arabian Oil Co. reduced monthly pricing to most markets as the world’s biggest oil exporter boosts supply to meet customer demand.
Saudi Aramco, as the state-owned company is known, cut pricing for September shipments of all grades to Asia, its largest market. Aramco set the premium for Arab Light crude to Asia at $1.20 a barrel above the Middle East benchmark, it said Thursday in an emailed price list. The reduction of 70 cents for Arab Light was the second consecutive monthly cut for the grade and was 10 cents deeper than the median estimate of five traders in a Bloomberg survey.