Saudi Arabia has lowered its official selling prices for oil for all its Asian clients, with the flagship Arab Light for December delivery now priced $0.40 lower, Bloomberg reported, citing the slowdown across Asian economies. The price cut is deeper than traders and refiners had expected, per a Bloomberg survey.
Yet the final price remains considerably higher than it has been in previous years, with Arab Light at $5.45 per barrel above the Dubai/Oman benchmark. At the same time, the Saudis raised the price of the oil they will be selling to Europe…Russian Oil Price Cap Will Not Apply To Resold Cargoes
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