China’s COVID Lockdowns Force Aramco To Slash Oil Export Prices

[AncientSword]

https://oilprice.com/Energy/Crude-Oil/C ... rices.html

A new wave of COVID-19 big lockdowns in China is sparking concern over so-called oil demand stability.

In response to the growing fear of crumbling demand in China, Saudi Aramco is reducing its oil export prices for the first time in four months.

Saudi Aramco has reduced its oil export prices for the first time in four months amid Covid lockdowns in China that are spurring concern about demand stability.

According to a Bloomberg report, Aramco cut the price for its Super Light for Asia by more than $5 per barrel and the price for its Extra Light by $4.95 per barrel for June deliveries.

Crude oil prices for Europe were reduced more moderately by the Saudi state giant, by between $2 and $3 per barrel, Bloomberg also reported. Prices for exports to the United States remained unchanged from May.

The price cuts follow several hikes that brought Saudi crude prices to a record high earlier this year amid soaring international prices driven by supply tightness and the war in Ukraine.

[xkhan]

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[xkhan]

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