Price Cut
Saudi Aramco lowers May crude oil prices for Asia to four-month low
This story was originally published at 12:04 IST on 7 April 2025
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MUMBAI – Saudi Aramco has lowered its crude oil prices for Asian buyers in May, various media reports said, quoting an official statement by the oil company. The official selling price of the benchmark Arab Light crude for May was trimmed by $2.3 to $1.20 per barrel above the average price of Oman and Dubai crude, the lowest in four months.
The drop in price marked the steepest fall in over two years, and it was the second straight month that the oil company lowered its prices. It also reduced prices for May for the other grades it sells to Asia, according to various media reports.
Meanwhile, eight members of the Organization of the Petroleum Exporting Countries and its allies unexpectedly agreed to increase production by 411,000 barrels per day in May. The cartel had planned to raise output by 135,000 barrels per day under its original plan. End
US$1 = INR 85.76
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Avishek Dutta
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