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- Saudi Arabia cuts its crude prices for customers in Asia
Saudi Arabia cuts its crude prices for customers in Asia
Saudi Arabia on Thursday lowered its crude prices for customers in Asia. Saudi Arabian Oil Co. (Saudi Aramco), the country's state-owned oil company, said that it cut its Arab Light crude by $0.20 a barrel to $1 a barrel. Saudi Aramco lowered the premium for Arab Extra Light crude by $0.40 a barrel to $1.30 a barrel.
This action could add to the escalation of the situation in the Middle East as Iran plans to raise its oil exports.
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