Arab Light crude premium to Asia declines by 40 cents a barrel Prices in Mediterranean mostly cut, NW Europe mostly increased Saudi Arabia, the world’s largest crude exporter, cut all official selling prices for its crude sales to Asian and U.S. clients in August. State-owned Saudi Arabian Oil Co. lowered its official selling price for Arab Light crude to Asia by 40 cents to a premium of 20 cents a barrel above a regional benchmark, the company known as Saudi Aramco said in an e-mailed statement Thursday. The company had been expected to cut the premium for shipments of Arab Light crude by 25 cents to 35 cents a barrel more than the benchmark for buyers in Asia, according to the median estimate in a Bloomberg survey of seven refiners and traders in the region. Brent crude has dropped more than 35 percent since Saudi Arabia led a 2014 […]