Riyadh (Commerce Desk): Saudi Arabia has announced a significant reduction in crude oil prices for Asian countries.
According to foreign media reports, Saudi Arabia’s state oil company Aramco will reduce the price of its Arab Light crude oil for Asia by $11 per barrel next month, after which the oil will be available at a discount of $1.50 per barrel compared to the regional benchmark.
According to the report, this reduction in crude oil prices is greater than experts’ expectations, as a Bloomberg survey had indicated the possibility of a reduction of around $8 per barrel.
Saudi Arabia’s decision has been made while considering the global oil market situation, including prices, demand, and supply conditions.