Khaberni - Bloomberg reported that Saudi Aramco, the state-owned company, has cut oil prices headed to Asia for June, although they remain close to record levels.
The agency stated: "Saudi Arabia has reduced the price of its main crude oil for the Asian market next month from the record level it registered in May, but it is still close to its all-time highs."
Thus, the price of Arab Light crude oil for Asian buyers in June has dropped by $4, now being $15.50 higher than the Oman/Dubai crude basket price.
The agency noted that experts had previously predicted a decrease of $8 per barrel.
The agency points out that the official prices set by Aramco may not be the final value of the raw materials paid by oil refineries.
Saudi Aramco is the state-owned oil and gas company in Saudi Arabia, established in 1933. The company is present in the three main global energy markets: Asia, Europe, and North America.
