Saudi Arabia’s state oil company Aramco lowered its official selling prices for crude oil with delivery in June by 50% for EU and Asian importers.
Earlier, the Saudi oil producer hiked prices for its EU, US, and Asian clients. Currently, prices for American importers remain unchanged.
According to Saudi Aramco, falling demand in Asia amid new quarantine restrictions in China have prompted the company to reduce its prices. Arab Light crude bound for Northwest Europe was discounted by 50% to a premium of $2.10 per barrel, compared to $4.6 per barrel in May. The premium for US-bound crudes remains at $5.56 per barrel.
For Asia-bound crude oil, Aramco slashed Arab Light prices by 50% to a premium of $4.4 per barrel, down from $9.35 in May.