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Commodities

Saudi Aramco cuts crude price for Asian buyers

State-run oil giant likely focusing on market share

Saudi Aramco increased its discount on benchmark Arab Light crude for Asian buyers.

TOKYO -- Saudi Arabian Oil lowered its selling price for May crude shipments to Asia, likely seeking to retain market share in the region even as the state-run producer pares overall output.

The company, known as Saudi Aramco, bases prices for oil purchased via long-term contracts on the monthly average of Dubai and Oman crude prices, applying different adjustments for each grade. The discount on benchmark Arab Light oil was increased for a second straight month to 45 cents a barrel, 30 cents cheaper than in April.

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