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Saudi Arabia slashed oil export prices on September 4, with state-owned oil company Saudi Aramco cutting the price of light crude destined for Asia by $1.
70 a barrel
.
This has shifted the difference between Saudi oil prices and the Dubai benchmark from a premium of $0.
1/b to a discount of $1.
6/b
.
The company also cut the price of heavy oil shipped to the Far East by $2/b and the price of heavy oil destined for the United States by $0.
3/b
.
Lower oil prices come as U.
S.
oil production is still increasing, while OPEC members are struggling to maintain their share
of Asia's still-growing markets.
Saudi Arabia slashed oil export prices on September 4, with state-owned oil company Saudi Aramco cutting the price of light crude destined for Asia by $1.
70 a barrel
.
This has shifted the difference between Saudi oil prices and the Dubai benchmark from a premium of $0.
1/b to a discount of $1.
6/b
.
The company also cut the price of heavy oil shipped to the Far East by $2/b and the price of heavy oil destined for the United States by $0.
3/b
.
Lower oil prices come as U.
S.
oil production is still increasing, while OPEC members are struggling to maintain their share
of Asia's still-growing markets.
