Saudi Arabia Cuts Oil Prices for Asia as Growth Slows
(Bloomberg) — Saudi Arabia lowered most oil prices for Asia in a sign that the regional market is weakening with the global economic slowdown.
Rising interest rates and strict virus-related lockdowns in China have hit energy consumption, causing a 20% drop in crude futures since June.
State-controlled Saudi Aramco cut its key Arab Light grade for December sales to Asia, its main market, by 40 cents to $5.45 a barrel above the regional benchmark. The move was in line with refiners and traders’ prediction of a 35-cent drop, according to a Bloomberg survey.
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