General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah
Saudi Arabia cut oil prices for customers in Asia from record highs as coronavirus lockdowns and sagging economies cool energy demand in the region.
State-controlled Saudi Aramco lowered its key Arab Light grade for next month’s shipments to Asian refineries to $5.85 a barrel above the Middle Eastern benchmark, a decrease of almost $4 from September.
The move was largely in line with traders’ expectations and follows a 25% drop in Brent crude futures in the past three months to below $95 a barrel.
