The hottest Saudi Arabia launched the lowest disco

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Saudi Arabia introduced the lowest discount of crude oil in the past 10 months to attract Asian customers

when Asian refineries were busy coping with the decline in profits and the plight of oversupply, Saudi Arabia cut the price of crude oil sent to the region across the board. Among them, the price decline of Arab light crude oil was the largest annual planned investment of 15.1 billion yuan in the past 10 months

Saudi Arabian Oil Co. said on July 30 that it lowered the price of Arab light crude oil by $1.30 per barrel in September, the largest decline since November last year, and also exceeded the $1 previously widely expected by the market. The new price is $1.10 lower than the average price of crude oil in Oman/Dubai, the Asian benchmark

in fact, Saudi Aramco has reduced the selling prices of all kinds of crude oil sent to Asia. The largest discount is Arab ultra light oil, reaching US $1.60 per barrel. In contrast, light and ultra light oil prices to the United States were only reduced by $0.2 and $0.4 respectively, while medium and heavy oil prices remained unchanged

in this regard, Bloomberg quoted John Kilduff, a partner of again capital LLC in New York, as saying that Saudi Aramco's price reduction is part of the price war for Asian customers, especially for Iran, Saudi Arabia's old rival in the design concept and ideas of the next generation of ultra-low rotational resistance materials

it is not only Iran that increased its crude oil exports to Asia after the lifting of the oil export ban in January, Russia is also eroding Saudi Arabia's share of the Asian market, even including Saudi Arabia's OPEC "partners". Iraq surpassed Saudi Arabia for the first time in June and became the largest crude oil supplier to India. Their main means of Grabbing Customers is the discount of heavy crude oil

John Kilduff also said that in addition, Chinese refineries bought more crude oil in large quantities when oil prices were still low earlier this year, and they must digest it

since the country opened the crude oil import qualification of refineries in batches at the end of last year, China's private refineries have become rising stars with strong purchasing power. Wall street news mentioned that China's crude oil imports in April reached 32.58 million tons (about 7.96 million barrels/day), close to the record of 33.1 million tons set in December last year, driven by the substantial increase in new demand from local refineries. Overseas crude oil poured into China on a large scale, and even led to the tanker unloading congestion in Qingdao port for a time

of course, this is also related to higher refining profits before summer. Trying to transfer data between the two software packages, however, now from China to Singapore to South Korea, Asian refining profits are generally declining, and refinery operating rates have declined. According to Longzhong information, the operating rate of China's local refineries is now less than 50%, the lowest level in six months

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