Saudi Arabia reduced oil prices

Saudi Saudi Aramco, controlled by the state, for the first time in 4 months reduced oil prices for its key brand Arab Light for June supplies to Asia – to $ 4.40 per barrel compared to $ 9.35 in May. It is reported by Bloomberg.

In addition, prices are reduced both for northwest Europe and for almost the entire Mediterranean. Prices for the United States remained at the May level.

Saudi Arabia reduces oil prices for the first time after Brent jumped above $ 100 per barrel after the Russian Federation’s invasion of Ukraine. The increase in prices as a whole occurs against the background of an indefinite situation around Russian supplies and the fall of exports from Russia, as the European Union headed for the rejection of Russian energy. In addition, the situation is affected by the Locdows in China, with which the country is fighting with new Covid-19 outbreaks. The consumption of gasoline, diesel and aviation fuel last month decreased by 20% compared to a year earlier, Bloomberg reported.

Saudi Arabia directs more than 60% of its exports of raw oil to Asia, the largest customers of oil are China, Japan, South Korea and India, the publication notes.