Aramco Cuts Asian Oil Price as Hormuz Shipping Talks Advance

Saudi Aramco has cut its main crude oil price for Asia by 50 cents per barrel to US$2 (RM8.18) a barrel less than the regional benchmark, according to a recent price list from the company.

The move comes as talks to ease shipping through the critical Strait of Hormuz appear to advance, despite threats to Red Sea transits persisting.

The global benchmark Brent crude has slumped this week and is trading near US$80 per barrel on growing expectations that flows through Hormuz may soon increase.

Saudi Aramco has sustained crude exports at about five million barrels a day, with CEO Amin Nasser stating that the company has been able to load tankers at Yanbu and sail them south through the Bab El-Mandeb strait off Yemen's coast.