| Saudi Arabia recently discounted the price of its crude to maintain its share of the Asian market, one of the biggest in the world. China is the world’s second largest oil importer after the U.S., while Japan is currently the third largest crude importer.
Saudi Aramco dropped its prices on July 31 for September purchases by Asian customers, between 70 cents and $1.30 a barrel (depending on the oil grade) – one of the contributing factors that sent oil below $42 per barrel that week...............................................Full Article: Source
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