Saudi Arabia reduces oil prices to entice more buyers
|Saudi Arabia’s state oil giant Saudi Aramco slashed the September official selling prices (OSPs) for all its grades and to all markets except for to the US, as it seeks to attract new buyers amid a ramp up in oil production levels.
Key Details (via Oilprice.com):
The pricing for the Saudi flagship grade, Arab Light, was reduced by US$0.70 to US$1.20 a barrel premium over the Dubai/Oman benchmark, used for pricing oil to Asia.
The cut in Arab Light prices for September was the second consecutive monthly reduction of the OSP to Asia.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.