Saudi Arabia Cuts Oil Prices After Latest Rally

Saudi Arabia has cut its official crude oil selling price for Asian buyers following the latest price rise spurred by the OPEC+ decision to stick to monthly additions of 400,000 bpd in total rather than boosting output more to cap international prices. Bloomberg reports that Aramco had cut the prices for all grades for its biggest market, with Arab Light now selling for $0.40 per barrel less, for a total price of $1.30 above the Dubai benchmark. It is the lowest premium since March. The Kingdom also cut the prices for most of its oil shipments…