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IPFS News Link • Oil

Oil Slides After Saudis Slash Crude Price In Scramble For Asian Market Share

• Zero Hedge

Saudi Arabia slashed oil prices for sales to Asia next month by more than twice the expected amount in a sign the world's largest crude exporter is getting aggressive about capturing market share and dump more output in the continent. On Sunday, state oil giant Saudi Aramco rolled back pricing on all of its grades to its biggest market in Asia, following three successive months of increases in the company's official selling prices which had left refiners smarting as the coronavirus pandemic crippled energy demand.

Aramco lowered for the first time in four months the official selling price (OSP) of Arab Light crude for delivery to Asia in October to a premium of $1.70 per barrel versus the average of DME Oman and Platts Dubai crudes, according to a company pricing document. The price differential in September was a premium of $3 per barrel, the highest since February 2020.

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