Saudi Arabia cutting oil prices to Asia shows supply war isn’t over – The Straits Times

Saudi Arabia cutting oil prices to Asia shows supply war isn’t over – The Straits Times

State-owned oil company Saudi Aramco has pledged to boost output to 12.3 million barrels a day in April as it cut the May official selling price of its flagship Arab Light crude to Asian customers by US$4.20 a barrel from the previous month, exceeding estimates for a reduction of US$3.63.. Iraq said earlier the week that it had trouble marketing its crude amid the supply glut, lower prices and what the country's oil minister called a "recession" in refining around the world.. Refiners in Asia had until Tuesday to decide on the amount of oil they wanted to buy from Aramco.. Other producers such as Kuwait, Iraq and Abu Dhabi are set to issue their official prices shortly.. Saud Arabia's crude exports so far in April stand at 9.3 million barrels a day, according to tanker-tracking data compiled by Bloomberg..