Saudis Reduce Oil Pricing in Sign Demand Recovery Struggling – By Anthony Di Paola and Salma El Wardany (Bloomberg) / Sept 6 2020
- Aramco cuts October crude pricing for all grades to Asia, U.S.
- Light oil to Asia cut to discount for first time since June
Saudi Arabia cut pricing for oil sales in October, a sign the world’s biggest exporter sees fuel demand wavering amid more coronavirus flare-ups around the globe.
The kingdom’s state producer, Saudi Aramco, reduced its key Arab Light grade of crude by a larger-than-expected amount for shipments to Asia, its main market. It also lowered pricing for U.S. buyers.
Aramco cut Arab Light to Asia to a discount against the benchmark oil price used by the Saudis for the first time since June. It’s the second consecutive month of reductions for barrels to the region and the first month in six that U.S. refiners will see a cut. Aramco will trim pricing, too, for lighter barrels to northwest Europe and the Mediterranean region.
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