Saudi Arabia Lowers Oil Prices For Asian Customers As Futures Slump
Category:
BUSINESS
Saudi Arabia has lowered its oil prices for customers in Asia after futures slumped due to concerns about the global economy. State-controlled Saudi Aramco reduced all official selling prices for Asia in June. The company's Arab Light grade was reduced to $2.55 a barrel above the regional benchmark, 25 cents less than the price for this month. Aramco sells around 60% of its crude shipments to Asia, with China, Japan, South Korea, and India as its biggest buyers. Refining margins have also sunk due to a softening US economy, continued fragility among banks, and weak manufacturing data in China.
05 May, 2023
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