State-owned Saudi Aramco cut August prices for most of its crude grades for Asian customers, in a bid to stay competitive with other producers, Bloomberg reported on Wednesday.

 

The oil giant lowered the official selling price (OSP) for Arab Light crude to Asia by $0.20 per barrel (bbl), it was reported.

 

All other OSPs were also reduced for Asian customers, with the exception of Arab Heavy, which was increased by $0.1/bbl.

 

Meanwhile, Aramco hiked prices for all grades to Northwest Europe and the Mediterranean region, while leaving pricing unchanged for most crude grades to the US.

 

Oil exporters in the Middle East compete with producers from Latin America, North Africa, and Russia for buyers in Asia, the biggest oil market. GCC producers typically sell under long-term contracts to refiners. 

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