According to reports, Saudi Aramco has cut prices for buyers in Asia for the first time in four months.
The selling price for Arab Light crude in June was $4.40 a barrel above the benchmark price, according to S&P Global. The all-time high of $9.35 per barrel for buyers in Asia was set in May.
There are strict COVID-19 restrictions in Beijing and Shanghai. Manufacturing and services activity in China are contracting, which is expected to hit energy consumption.
Saudi Aramco raised crude oil prices for all regions for May because of fears of supply disruption to Russian supply.
The June price for Arab Light crude Europe was cut by $2.10 a barrel, down from a premium of $4.70 in May, according to the media outlets.
The selling price to the US was the same as before. The price moves to Insider were not commented on by the company.
The Energy Information Administration says that Saudi Arabia accounted for a sixth of US crude oil imports in 2011. Canada is the top source of crude oil for the US.
The group led by Saudi Arabia said after a meeting last week that current supply-demand indicators pointed to a balanced market.
In early March, crude oil futures reached a 14-year high. At last check Monday, the international benchmark was trading around $111.89 a barrel. The price of crude was down at $109.
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