Buyers from Asia have received fantastic benefits. Saudi Aramco, Saudi Arabia's state-owned oil and gas company, has reduced the price of crude oil. Bloomberg reports that Asian buyers will be in the black this August.
According to Bloomberg, Saudi Aramco has been lowering oil prices for Asia for the second consecutive month. "The world's biggest crude exporter sees continued demand weakness in its main market," the agency notes.
For instance, the price of Arab Light for Asian buyers was cut by $0.6. It is now $1.8 per barrel higher than the Oman/Dubai average price. Prices for other oil grades were also cut.
Meanwhile, Saudi Aramco raised the price of all oil grades for Northwestern Europe and the Mediterranean by $0.9 per barrel. Prices of some oil types that are sold to the United States increased slightly.
Saudi Aramco is Saudi Arabia's national oil and gas company. The organization operates in the three main global energy markets: Asia, Europe, and North America.
