Saudi Arabia cuts prices a day after Trump tells Opec to reduce oil prices

Dubai — Saudi Arabia cut pricing for August sales of its light oil grade to Asia as the world’s biggest crude exporter increases production to assure buyers there is sufficient supply following US President Donald Trump’s demands that oil cartel Opec do more to stabilise oil markets.

Oil extended its losses after state-owned Saudi Aramco cut most pricing for Asian, European and US markets. The company cut its official selling prices for Arab Light crude to buyers in Asia to $1.90 a barrel above the Middle East benchmark, the company said on Thursday in an e-mailed price list.

The 20c reduction was the first cut in four months from the highest since July 2014 and matched expectations of four traders in a Bloomberg survey.

“REDUCE PRICING NOW!” Trump tweeted on Wednesday, demanding that Opec do more to help reduce US petrol costs.