Saudi Arabia lowers the oil price for European customers

Saudi Arabia has notified its European customers that they can get discount on a barrel of crude in July, reports the Wall Street Journal. This is allegedly in response to competition from Iran.

Photo: Ronald Zak/AP/Polfoto

The world's top oil producer, Saudi Arabia, has according to the Wall Street Journal informed its European customers that it will reduce the price of a barrel of crude oil in July.

State-owned oil major Saudi Aramco plans to reduce the price by 35 cents per barrel to Northwest Europe and 10 cent per barrel customers by the Mediterranean, writes Swedish business daily Dagens Industry citing the Wall Street Journal.

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