Saudi Arabia Cuts Oil Prices to Asia by More than 50%

Aramco’s decision to reduce prices comes due to the closures that China is witnessing due to the outbreak of the coronavirus pandemic, which casts a shadow on global oil demand (Reuters)

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

Aramco is expected to cut the official selling price (OSP) for flagship Arab Light crude to Asia in June by more than 50 percent.