Saudi Arabia cuts February oil pricing for US
Move comes as part of the kingdom’s effort to cut shipments to help minimise worldwide supply
Saudi Arabia has reportedly cut pricing for most of its crude sales to the US for a second month.
The move comes as part of the kingdom’s effort to cut shipments to help minimise worldwide supply.
Saudi Aramco, the kingdom’s national petroleum and natural gas company, said that it is cutting official pricing for its Arab Light crude by 10 cents a barrel, to 90 cents above the benchmark for the US Gulf Coast in February.
‘According to the Energy Information Administration, Saudi exports to the US dipped to a 30-year low in October, as the kingdom leads a drive by the Organisation of Petroleum Exporting Countries and allied producers to reduce inventories,’ Bloomberg reported.
OPEC and its partners had agreed in November 2017 to extend output cuts until the end of 2018 to help steady global oil prices.