Saudi Arabia cut most oil pricing for its customers in Asia and the U.S. as a resurgence in the coronavirus clouds the outlook for energy markets.
State producer Saudi Aramco decreased December pricing for shipments of Arab Light crude to Asia, its largest regional market, by 10 cents a barrel to a 50-cent discount to the benchmark.
Oil dropped around 10% last week as European nations including Germany and France announced new lockdowns and daily virus cases hit a record in the U.S. While crude has since recovered most of those losses, the market continues to face headwinds, OPEC Secretary-General Mohammad Barkindo said.
The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed with Russia and other producers in April to pump less oil to prop up the market. The supply cuts by the alliance, known as OPEC+, caused oil prices to rally, but benchmark Brent crude is still down 38% this year at $41 a barrel.
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