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
An oil drilling rig stands in the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
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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.