Saudi Arabia plans to lower selling prices for exports to Europe and North America in October

Market news

4 September 2015

Saudi Arabia plans to lower selling prices for exports to Europe and North America in October

Saudi Arabia plans to lower selling prices for exports to Europe and North America in October. State-owned Saudi Arabian Oil Company (Saudi Aramco) has already lowered its official selling prices to U.S. buyers by 55 and 60 cents for Arab Medium and light crude oil respectively.

According to Bloomberg, Saudi Arabia reduced its oil production to 10.5 million barrels per day in August. It was the first reduction in 2015.

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