Saudi Arabia cuts oil prices for Asia as virus hits India demand

Brent crude has climbed almost 35% this year

Saudi Arabia lowered prices for oil shipments to customers in its main market of Asia as a surge in coronavirus cases crimps energy demand in India, the world’s third-largest crude importer.

The kingdom’s state energy firm, Saudi Aramco, reduced pricing for June shipments to the continent by between 10 and 30 cents per barrel.

India Oil Demand to Drop 670k B/D in May as Outlook Darkens: FGE

The key Arab Light grade for Asia was cut to $1.70 a barrel above the benchmark from $1.80 for May shipments. That’s the first reduction in official selling prices for the grade since