Saudi Aramco, a state-owned company, cut the price of Arab Light crude for June delivery to Asia from $ 9.35 to $ 4.40 for the first time in four months.
This was reported by Bloomberg.
Saudi Arabia sells a barrel of Brent after Russia’s intervention in Ukraine 10It lowered oil prices for the first time since rising above $ 0. In general, the price increase Russia uncertain situation around supplies and It is happening against the background of declining exports from Russia, because the EU Russia has taken a course to give up energy. In addition, the situation is affected by quarantine regulations in China.
Saudi Arabia exports more than 60% of crude oil to Asia, China, Japan, South Korea and India is the largest buyer of oil.