Saudi Aramco Cuts Asian Oil Pricing, Increases Other Regions

Saudi Aramco, the state-owned Saudi Arabian oil firm, has cut its pricing for June oil exports to Asia but increased pricing to all other regions, Bloomberg reports.

The Saudi oil conglomerate cut its official pricing for Light Arab crude to Asia by 40 cents to an 85% discount to the regional benchmark.

By contrast, Aramco increased the pricing on all grades of oil for U.S. sales for the second consecutive month. It also raised pricing for Europe and the Mediterranean.

Saudi Aramco is expected to be the biggest initial public offering in history when it launches next year.

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