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Saudi’s Aramco offers further discounts to Asia & the US

FXStreet (Mumbai) - As reported by Bloomberg, Saudi Arabia’s state owned oil company Aramco, slashed the oil prices for November sales to Asia and the US, in a latest effort to retain the competitive edge after its peers announced price cuts last month.

Saudi Arabian Oil Co., Saudi Aramco, in an e-mailed statement on Sunday said it reduced its official selling price for Medium grade crude to Asia to a discount of $3.20 a barrel below the regional benchmark. This is compared with a $1.30 discount for October sales.

The discount for the Medium grade to Asia, the main market for Saudi crude, widened by the most since the state-owned company made a $2 a barrel cut in February 2012, according to data compiled by Bloomberg.

Further, the company cut November pricing for its Light, Medium and Heavy grades to the US by 30 cents a barrel each. Medium crude will sell at a discount of 85 cents a barrel to the regional benchmark, the widest since March.

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