Aramco Cuts Oil Pricing to Asia Even After OPEC+ Output Deal
- Cuts to Asia come amid concern OPEC can’t offset demand drop
- Follows OPEC+ agreement to pare output by 9.7m b/d from May
Saudi Arabia cut most of its crude pricing as the coronavirus hammers oil demand -- a clear sign that the kingdom seeks to keep its barrels competitive after producers agreed to coordinate global cuts in output.
State-run Saudi Aramco reduced official selling prices for May exports to Asia and the Mediterranean region, according to a price list seen by Bloomberg. The world’s biggest exporter raised pricing to the U.S. and trimmed discounts for some barrels to northwest Europe.