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Saudis cut oil prices to woo buyers as OPEC+ boosts supply

Saudi Aramco lowers its oil pricing to attract buyers in key markets in Asia following OPEC+ production boost.

Photo: Maxim Shemetov/REUTERS / X90156

Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world's largest crude exporter wants to entice buyers to take more of its barrels.

State producer Saudi Aramco is rolling back pricing on all of its grades to its biggest market in Asia. Three successive months of increases in the company's official selling prices had left refiners smarting as the coronavirus pandemic plays havoc with the recovery in energy demand.

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