Saudi Aramco cut oil prices for Asia and Europe

Saudi Aramco lowered prices for crude grades loading for Asia and Europe in February. The company kept oil prices for the U.S. high, Reuters said earlier. 

Saudi Arabia set the price for Arab Light crude to Northwest Europe at minus $1.50 a barrel against Brent for February. Thus, the price cut is $1.40 a barrel compared to the January figures. Oil prices for the U.S. were unchanged. In addition to this, Saudi Aramco cut the price for Arab Light to Asian countries by $1.45 a barrel, setting it at $1.80 a barrel above the Dubai/Oman benchmark. Prices for Extra Light were lowered by $2.90, for Super Light — by $2.40, and for Medium and Heavy — by $1.

For Northwest Europe, Saudi Aramco reduced prices for Light grade by $1.40, as well as for Extra Light - by $1.80, for Medium and Heavy — by $1.These price cuts apply also to the Mediterranean countries. Thus, the selling price for Arab Light for importers in February will be $1.5 below a barrel of Brent.