Lates News

Saudi Arabia has lowered its main crude oil prices for Asia, while negotiations are underway for an agreement aimed at easing shipping pressures in the Strait of Hormuz. Despite the threats posed by the Houthi forces to alternative routes for transporting crude oil eastward via the Red Sea, Saudi Arabia still reduced its prices. A pricing table shows that Saudi Aramco will lower the price of Arab Light crude oil to Asian customers by 50 cents per barrel next month, bringing it to $2 below the regional benchmark price. A prior survey indicated that traders expected Saudi Aramco to keep its flagship crude prices unchanged. This week, global benchmark Brent crude oil prices have significantly dropped, currently trading near $80 per barrel.