Saudis cut oil prices to woo buyers as OPEC+ lifts supply

Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world’s largest crude exporter wants to entice buyers to take more of its barrels.

State producer Saudi Aramco is rolling back pricing on all of its grades to its biggest market in Asia. Three successive months of increases in the company’s official selling prices had left refiners smarting as the coronavirus pandemic plays havoc with the recovery in energy demand.

But with Brent crude up 40% this year, OPEC+ sees enough demand — and a potential shortage by the end of the year —to allow it to raise production. That increase means more barrels competing for cautious buyers.