Aramco Cuts April Oil Pricing to Mediterranean on OPEC+ Caution
- Saudis cut Light crude from Sidi Kerir by $1.70 a barrel
- Saudi crudes track Urals oil, Russia allowed to rasie output
Photographer: Fayez Nureldine/AFP/Getty Images
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Saudi Aramco cut pricing on crude for shipment to the Mediterranean region after OPEC+ extended oil supply constraints and Saudi Arabia’s oil minister warned producers to remain cautious in the face of the ongoing coronavirus pandemic.
The world’s biggest crude exporter tracks pricing for comparable Urals crude from Russia for its sales to the Mediterranean. Russia received an exception to the OPEC+ decision and will be allowed to raise output next month. Saudi Energy Minister Prince Abdulaziz bin Salman cautioned the broader group that they shouldn’t be enticed by higher global prices to raise output since demand growth remains uncertain amid the pandemic.