Saudi Arabia’s state-owned oil company Aramco has announced a major reduction in oil prices.
According to a Bloomberg report, Aramco will cut the price of its Arab Light crude oil for Asian customers by $11 per barrel next month.
Following the reduction, Arab Light crude will be available at a discount of $1.50 per barrel compared with the regional benchmark.
The report said the price cut is larger than the $8 per barrel reduction expected in a Bloomberg survey.
