Saudi Aramco cuts crude sales price for April after OPEC agreement with Russia shattered | Company news

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Saudi Arabia reduced the official selling price for April of all grades of crude oil to all destinations after OPEC’s agreement with Russia on oil supplies collapsed on Friday.

The Saudi oil giant, Saudi Aramco, said in a statement late on Saturday that the company set the selling price of its Arab light crude to Asia for the month of April, at a discount of $ 3.10 from the average prices of the crude oils in the Sultanate of Oman and Dubai, and a decrease of six dollars per barrel from March.

Aramco cut the official selling price for its April Arab light for the United States to $ 3.75 a barrel from the ASCII index, down $ 7 from March.

Aramco lowered the official selling price of its Arab light crude for Northwest Europe, at a discount of 10.25 a barrel, from Brent, by dropping eight dollars a barrel.

A three-year agreement between OPEC and Russia ended on Friday after Moscow refused to support deeper oil cuts because of a virus outbreak and OPEC responded by ending all restrictions on its production.

Oil prices tumbled ten percent, as development renewed fears of the specter of price collapse in 2014, when Saudi Arabia and Russia competed for market shares with shale oil producers in the United States, who had never been involved in production reduction agreements.





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