Aramco Slashes Crude Pricing, Starting Oil War as OPEC Flops
- State producer cuts prices after OPEC+ meeting ends in failure
- Asia pricing cut by $4-$6 a barrel, U.S. by $7 a barrel
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Saudi Arabia kicked off an all-out oil war on Saturday, slashing official pricing for its crude and making the deepest cuts in at least 20 years on its main grades, in a bid to push as many barrels into the market as possible.
The cuts in monthly pricing by state producer Saudi Aramco are the first indication of how the Saudis will respond to the breakup of the alliance between OPEC and partners like Russia. The kingdom plans to accompany the price cuts with a hike in crude supply, according to people with knowledge of the situation.