Arab Finance: Saudi Aramco is cutting prices of shipments to Asia for the first time in four months, Bloomberg reported on May 8th.

The state-owned company has lowered the price of its June shipments of key Arab Light crude to Asia to $4.40 per barrel above the benchmark it uses.

The company also cut all June grades for the northwest Europe region and almost all Mediterranean, while prices for the US buyers remain unchanged as in May.

Saudi Arabia, the world’s largest oil exporter, has reduced oil prices for buyers in Asia due to the pressures resulted from lockdowns in China on-demand as well as concerns over supplies from Russia amid the Ukraine war.

Over the past two months, the kingdom has increased its prices to record levels following the hike in crude futures above $100 a barrel after Russia began its invasion of Ukraine in February.

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