Saudi Aramco To Sell Crude To The US At Lower Price

Saudi Aramco, the world’s largest state oil company, cut prices of its crude oil to be exported to the U.S. in August. It raised prices for Europe.

Aramco cut prices of all grades it sells to the U.S. by between 35 cents and 50 cents a barrel, the Dhahran, Saudi Arabia-based company said in an e-mailed statement late yesterday. Aramco said it raised prices for shipments to Europe in August by between 40 cents and 70 cents a barrel.

The oil producer raised prices of Arab Medium and Arab Heavy grades for Asia by 30 cents and 50 cents a barrel, according to the statement. It cut prices of its Super Light and Extra Light, while keeping Arab Light price unchanged.

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Written By James Huliq