#AceFinanceReport – Sept.07: Saudi Arabia has cut the official selling price for its light, medium and heavy crude oil grades in October to Asian customers.
State-owned oil company Saudi Aramco said in an emailed statement Thursday that light and heavy grades had been cut by 60 cents, while medium grade had been cut by 50 cents. The statement also noted that Aramco had reduced the price of all its grades to the US.
According to Bloomberg, Saudi Arabia reduced crude production in August to 10.5 million barrels per day, marking the first decline this year.
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