Saudi Aramco Raises Most June Crude Pricing to Asia, Reports Say

© AP Photo / Amr NabilA man walks under a billboard displaying an advertisement for Saudi Arabia's state-owned oil giant Aramco with Arabic reading: "Saudi Aramco, soon on stock exchange" in Jiddah, Saudi Arabia, Tuesday, Nov. 12, 2019
A man walks under a billboard displaying an advertisement for Saudi Arabia's state-owned oil giant Aramco with Arabic reading: Saudi Aramco, soon on stock exchange in Jiddah, Saudi Arabia, Tuesday, Nov. 12, 2019 - Sputnik International
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MOSCOW (Sputnik) - Saudi Arabia's state oil giant Aramco has raised most June pricing to Asia, the Bloomberg news agency reported Thursday, citing the official price list.

The rise in prices reflexes a discount reduction, according to the outlet. Prices were also raised for Europe and the United States.

Saudi Arabia along with the OPEC group of major oil exporters signed a deal with Russia in April, agreeing to cut production starting in May to shore up falling oil prices.

Aramco delayed publishing the pricing several times in April as it waited for the outcome of OPEC+ talks. In May, it offered discounts for Asia and partially for Europe, but left the price of its Arab light crude oil to Europe unchanged and raised it for the US.

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018 - Sputnik International
Saudi Aramco to Deliver to Market 8.5Mln Bpd of Oil Starting 1 May
As the countries throughout the world institute quarantines to prevent the spread of COVID-19, the global economy is slowing down, reducing the need for energy and oil products, thus lowering oil prices. 

On 12 April, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies agreed to reduce oil production by 9.7 million barrels per day in May and June, followed by 7.7 million per day for the second half of the year, and then by 5.8 million per day until April 2022.

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