Saudis reduce oil pricing in sign demand recovery is struggling

Saudi Arabia cut pricing for oil NSE 0.53 % sales to Asia and the U.S. for October shipments, a sign that the world’s biggest exporter may see fuel demand wavering amid flare-ups in the coronavirus.

State oil producer Saudi Aramco is cutting its benchmark Arab Light crude more than expected and lowering the grade to a discount for the first time since June for buyers in Asia. It’s the second-consecutive month of cuts for barrels to Asia. Aramco will also trim pricing for lighter barrels to northwest Europe and the Mediterranean region.

Aramco is reducing pricing to Asia for October shipments of the Light grade by $1.40 a barrel, to 50 cents below the regional benchmark.