Saudi Arabia will cut the price of Arab Light crude for Asian buyers by 50 cents a barrel next month.
The reduction trims the cost of the kingdom's benchmark crude grade for customers in Asia when the new pricing takes effect. Asian buyers will pay half a dollar less per barrel than they do under the current price.
The size of the cut
The adjustment is set at 50 cents per barrel for Arab Light, the crude grade named in the change. The cut applies to cargoes priced for next month's deliveries.
Who pays less
The lower price is limited to Asian buyers. Refiners and importers in the region that take Arab Light will see the reduced rate on next month's cargoes. The change does not apply to buyers outside Asia.
When the new price starts
The reduced price takes effect next month. Until then, the current price remains in place for cargoes loading this month. Buyers will pay the lower rate once the next pricing period begins.
