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According to Bloomberg Dubai on August 2, Saudi Arabian Oil Company has reduced monthly pricing
for most markets as the world's largest oil exporter increases supplies to meet customer demand.
Saudi Aramco, a state-owned company, shipped all grades of goods to its largest market, Asia
, in September.
Saudi Aramco set the premium for Arab Light crude at $1.
20 a barrel
above the Middle East benchmark price in an emailed price list Thursday.
The $0.
70 reduction in Arab Light Oil is the second consecutive cut in the grade, 10 cents
higher than the median estimate of five traders in the Bloomberg survey.
In July, OPEC boosted Saudi Arabia's output as Russia hit a record high, which has fallen short of expectations since joining the U.
N.
last year in an effort to harmonize global cuts
.
OPEC and its partners agreed to increase production in June, and Saudi and Russian energy ministers said they would add about 1 million b/d
to the market.
Saudi Aramco also lowered pricing
for all grades from September to northwest Europe and the Mediterranean coast.
In London, the price of Brent crude in the United States fell $0.
39 to $72 a barrel
.
According to Bloomberg Dubai on August 2, Saudi Arabian Oil Company has reduced monthly pricing
for most markets as the world's largest oil exporter increases supplies to meet customer demand.
Saudi Aramco, a state-owned company, shipped all grades of goods to its largest market, Asia
, in September.
Saudi Aramco set the premium for Arab Light crude at $1.
20 a barrel
above the Middle East benchmark price in an emailed price list Thursday.
The $0.
70 reduction in Arab Light Oil is the second consecutive cut in the grade, 10 cents
higher than the median estimate of five traders in the Bloomberg survey.
In July, OPEC boosted Saudi Arabia's output as Russia hit a record high, which has fallen short of expectations since joining the U.
N.
last year in an effort to harmonize global cuts
.
OPEC and its partners agreed to increase production in June, and Saudi and Russian energy ministers said they would add about 1 million b/d
to the market.
Saudi Aramco also lowered pricing
for all grades from September to northwest Europe and the Mediterranean coast.
In London, the price of Brent crude in the United States fell $0.
39 to $72 a barrel
.
