Saudi Aramco Cuts Asian Oil Price Amid Hormuz Shipping Talks Progress

Saudi Aramco has cut its main crude oil price for Asia by 50 cents per barrel to $2.00 less than the regional benchmark, according to a price list from the company.

This move comes as talks to ease shipping through the vital Strait of Hormuz chokepoint appear to advance, even as threats to Red Sea transits persist.

Aramco also cut prices for all its crude grades to the US, Northwest Europe, and the Mediterranean region, but increased prices only for its Medium and Heavy crudes for sale to Asia next month.

The company has sustained crude exports at about 5 million barrels a day, which is around 70% of its normal level of shipments, according to CEO Amin Nasser.