Saudi Aramco, the national oil company of Saudi Arabia, announced that oil prices will decrease for buyers from all regions except the United States. Bloomberg writes about it.
Autumn oil fall: how price cuts scared OPEC
There is every reason to believe that prices have declined for a short time
State-controlled Saudi Aramco has downgraded its flagship Arab Light for October deliveries to Asian refiners to $5.85 a barrel above a Middle East benchmark. This is almost $4 less than the record level set this month.
It is specified that for customers from North-Western Europe and the Mediterranean countries, prices for almost all brands of Saudi oil will decrease by $ 2 per barrel. However, all grades of oil, except for Arab Light, supplied to the US, will rise in price by $0.5 per barrel. Arab Light, in turn, will still be $6.15 per barrel above the quotes of the Argus Sour Crude Index benchmark.
Prior to this, on April 5, Bloomberg reported that Saudi Arabia had raised prices for May oil supplies to all regions. According to the agency, this decision was made after oil soared to more than $100 per barrel due to the situation in Ukraine, which had an impact on the global oil market.
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