Aramco Cut The Price of Oil Shipments For Buyers in Asia And Europe

Aramco reduced the price of oil crude shipments for the month of May to buyers in Asia and Europe.

The company announced on Wednesday that it reduced the prices of Arabian Light crude for shipments of May to Asian buyers by 35 cents to the level of more than $2.45 a barrel, the average price of crude oil of Oman and Dubai. Also the prices of Arabian Light crude for shipments to Europe will be reduced by $2.60 a barrel to a level below $3.85 the average price of benchmark Brent crude in London’s International Petroleum Exchange. And reduced prices of Arabian Light crude for shipments to buyers in the Mediterranean region for delivery on board ship at the port of Ras Tanura by $1.75 a barrel to a level below $ 2.85 on the average price of Brent crude in London market, and Aramco reduced prices for buyers in the United States slightly for raw materials of medium and heavy while prices increased slightly for raw materials and excellent light.

Saudi Aramco, officially the Saudi Arabian Oil Company, is the national oil company of Saudi Arabia. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels (4.1×1010 m3), and largest daily oil production. The company is headquartered in Dhahran.

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