Saudi Aramco lowers oil prices for the first time in four months amid uncertainty around Russian supplies – Arabian Business

Saudi Aramco lowers oil prices for the first time in four months amid uncertainty around Russian supplies – Arabian Business

Saudi Aramco is lowering prices for the first time in four months. The state-controlled company dropped its key Arab Light crude grade for next month’s shipments to Asia to $4.40 a barrel above the benchmark it uses, from $9.35 in May.

Aramco also lowered all grades for the north west Europe region and almost all for the Mediterranean. Prices for US customers were kept unchanged from May, Bloomberg reported.

Saudi Arabia’s decision to cut oil prices for buyers in Asia comes as Covid lockdowns in China weigh on demand, countering uncertainty around Russia’s supplies as the Ukraine war drags on.