Saudi Aramco cuts oil prices for Asian customers

Oil field

Image for illustration purpose only

Saudi Aramco cut the official selling price (OSP) for its benchmark Arab Light grade to a premium of USD 1.75 a barrel over Dubai and Oman, down from USD 2.45 in February to its lowest since July 2013.

Lower oil prices should maintain Saudis market share in global oil exports, help refiners to boost their margins and lower fuel costs, thus reduce the possibility of demand destruction from emergent markets.

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