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Aramco cuts April crude oil prices as OPEC-Russia talks collapse

Aramco cuts April crude oil prices as OPEC-Russia talks collapse
A three-year deal between OPEC and Russia collapsed on Friday
SAUDI ARAMCO
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Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) reduced its official selling price (OSP) for April for all its crude grades to all destinations following the collapse of OPEC’s oil output cut deal with Russia on Friday, according to Reuters.

The April OSP for Aramco’s Arab light crude oil to Asia was set at a discount of $3.10 to the Oman/Dubai average, down by $6 a barrel from March, the international news agency reported late Saturday, citing a statement by Aramco.

Moreover, the Saudi state-run oil giant lowered its Arab light crude oil to the US for April to a discount of $3.75 per barrel versus ASCI, recording a decrease of $7 a barrel from March.

Aramco also reduced its April OSD for Arab light crude oil to Northwestern Europe to a discount of $10.25 per barrel to Ice Brent, down by $8 a barrel.

A three-year deal between OPEC and Russia collapsed on Friday after the latter rejected a proposal for further oil supply cuts, leading crude oil to drop by 10%, its deeper fall in more than five years.