Industry Odisha Bureau, Jul 7: In a reportedly biggest reduction in 26 years, Saudi Arabia’s state-owned crude oil producer Saudi Aramco is reportedly going to cut the price of its main crude grade named Arab Light by $11 per barrel for the Asia customers from next month.
International media reports said that, “Saudi Aramco will lower the price of its Arab Light oil to Asia next month by $11 a barrel to a $1.50 discount over the regional benchmark.”
In this context, the international media reports also said that, “Soon after the much-awaited peace deal between the USA and Iran was inked heralding an end to the West Asia conflict, and chiefly the reopening and resuming of
shipments through the globally critical chokepoint Strait of Hormuz, the prices of crude oil have plunged since the middle part of June. Accordingly, Brent crude has slumped to around $72 a barrel that was trading at the end of February this year just before the tug of war between the joint forces of US and Israel versus Iran’s IRGC had broken out in the wee hours of February 28.”
