Riyadh: Saudi Arabia’s state-owned oil company Aramco has announced a reduction in oil prices for Asian countries.
Saudi Arabian Oil Co. cut the price of its benchmark Arab light crude sold in Asian countries by $2.20 a barrel, meaning next month’s sale will fetch a $3.25 a barrel premium over the average of the Oman and Dubai benchmarks. .
A foreign news agency According to the report Saudi Arabia has reduced the official selling price of Arab Light crude oil for Asia in January.
The world’s largest oil exporter has announced that it will set its Arab Light official selling price for Northwest Europe at minus $0.10 per barrel against ICE Brent for January.
According to the report, Aramco cut prices for consumers in Europe but did not change its prices for sales in the US. Saudi Arabia has set a price of $6.35 per barrel against ASCI for the US.
It should be noted that these changes in oil prices have come despite expectations that oil demand in China may increase in the coming months.
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The main reason for this is that efforts are being made to ease the restrictions of Covid-19 in China and reduce the duration of the lockdown imposed in various cities, due to which China’s demand for crude oil is gradually increasing.