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Economy
Aramco lowered its flagship crude price for Asian buyers in June by $4, though it remains near record highs.
Saudi Aramco has reduced the price of its crude oil destined for Asian markets in June, according to a report by Bloomberg. The state-owned oil giant cut the cost by $4 per barrel for its Arab Light grade, bringing the premium over the Oman/Dubai benchmark to $15.50. Despite the reduction, the price remains close to the record levels set in May.
Bloomberg noted that the move comes after the company had set a record high for the same grade in May. Analysts had anticipated a steeper decline of $8 per barrel, making the actual $4 cut smaller than expected.
The official selling prices set by Aramco do not necessarily represent the final cost paid by refineries for the crude, the report added.
The price adjustment follows US efforts to reopen the Strait of Hormuz, though the report did not detail a direct link between the two events. Aramco, founded in 1933, operates across the three major global energy markets: Asia, Europe, and North America.
