Are Oil Prices Falling? Saudi Aramco Cuts Cost Of Its Crude, Damaging OPEC Plans
March 5, 2017
Deviating from the Organization of Petroleum Exporting Countries’ efforts to jack up the price of oil, Saudi Arabian Oil Company, commonly known as Saudi Aramco, offered Asian customers a discount on its light crude exports for the first time in three months, Reuters reported Friday, citing “trade sources.” The price cuts, one of which stood at 75 percent, came as the state-run oil company has begun taking steps toward launching what would be the