Saudi Arabia to cut oil prices for all regions except US

The Saudi state company Saudi Aramco will reduce the price of exported oil for buyers from all regions except the United States in October, Report informs, citing Interfax.

The cost of the main Arab Light oil supplied to Asia will decrease by $3.95 per barrel, As a result, its cost a barrel will be $5.85 higher than a basket of oil from Oman and Dubai. Other varieties will fall in price by $3-$4.5 per barrel.

For customers in northwestern Europe and the Mediterranean countries, prices for virtually all grades of Saudi oil will be reduced by $2 per barrel.

Meanwhile, fuel exported to the US will rise in price by $0.5 per barrel. Only the price of Arab Light will remain at $6.15 per barrel above the quotes of the Argus Sour Crude Index benchmark.