Saudi Arabia has implemented the largest discount in the last 26 years on the official selling price of its “Arab Light” crude oil for the Asian market.
elchi reports that the Saudi state oil company “Aramco” will reduce the price of a barrel of “Arab Light” crude oil by $11 for next month. This is a rate $1.50 below the regional benchmark price.
Saudi Arabia will sell oil at a discounted price for the first time since 2000. “Aramco” had previously sold this type of oil at a discount only during price “wars” in 2000 and 2015.