Saudi Arabia’s national oil company, Saudi Aramco, has sharply reduced its crude selling prices for Asian buyers. Reuters reported the move, citing company data.
According to the agency, the November pricing has fallen to its lowest level in the past six years. The change concerns one of the company’s benchmark grades, Arab Light.
After the revision, the price of Arab Light for Asia dropped by $5 per barrel in one move. Reuters said that brought the grade to its lowest level since June 2020.
The steep adjustment applies to the Asian market, which remains one of Saudi Aramco’s key destinations.
