Saudi Arabia cut pricing for August sales of its light oil grade to Asia as the world’s biggest crude exporter is increasing production to assure buyers there is sufficient supply following US President Donald Trump’s demands that OPEC does more to stabilize oil markets.
Oil extended losses after state-owned Saudi Arabian Oil Co. cut most pricing for Asian, European and US markets. The company, known as Saudi Aramco, cut its official selling prices for Arab Light crude to buyers in Asia to $1.90 a barrel above the Middle East benchmark, the company said in an emailed price list on Thursday.
The 20-cent reduction was the first cut in four months from the highest since July 2014 and matched expectations of four traders in a Bloomberg survey.
“REDUCE PRICING NOW!” Trump tweeted on Wednesday, demanding that the Organization of Petroleum Exporting Countries (OPEC) do more to help reduce US gasoline costs.
Trump said on Sunday that OPEC should put 2mn barrels more on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.
Oil extended losses after state-owned Saudi Arabian Oil Co. cut most pricing for Asian, European and US markets. The company, known as Saudi Aramco, cut its official selling prices for Arab Light crude to buyers in Asia to $1.90 a barrel above the Middle East benchmark, the company said in an emailed price list on Thursday.
The 20-cent reduction was the first cut in four months from the highest since July 2014 and matched expectations of four traders in a Bloomberg survey.
“REDUCE PRICING NOW!” Trump tweeted on Wednesday, demanding that the Organization of Petroleum Exporting Countries (OPEC) do more to help reduce US gasoline costs.
Trump said on Sunday that OPEC should put 2mn barrels more on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.
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