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For the first time in four months, Saudi Aramco cut the price of its flagship Arab Light oil for June deliveries to Asia to $4.40 a barrel from $9.35 in May. It is reported by Bloomberg.
In addition, prices have been reduced for Northwest Europe and almost the entire Mediterranean. Prices for the US remained at the level of May.
Saudi Arabia cuts oil prices for the first time since Brent jumped above $100 a barrel after the start of a Russian special operation in Ukraine. The rise in prices in general comes against the backdrop of an uncertain situation around Russian supplies and a drop in exports from Russia, as the European Union has taken a course towards abandoning Russian energy.
In addition, the situation is affected by lockdowns in China, with the help of which the country is fighting new outbreaks of COVID-19. Gasoline, diesel and jet fuel consumption fell 20% last month from a year earlier, Bloomberg reported.
Saudi Arabia sends more than 60% of its crude oil exports to Asia, with China, Japan, South Korea and India being the biggest oil buyers.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
