Saudis Cut Main Oil Price to Asia Amid Talk of Hormuz Deal

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Or sign-in if you have an account.(Bloomberg) — Saudi Arabia cut its main crude oil price for Asia amid talks on a deal to ease shipping through the Strait of Hormuz, even as threats by Iran-backed Houthi militants imperil an alternative route for eastbound flows through the Red Sea.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountState producer Saudi Aramco will cut its Arab Light oil price for delivery to customers in Asia next month by 50 cents a barrel to $2 a barrel less than the regional benchmark, according to a price list seen by Bloomberg. Traders in a Bloomberg survey had expected the Saudi producer to leave its flagship price level unchanged.Global benchmark Brent crude has slumped this week and is trading near $80 a barrel amid renewed talks to ease flows through Hormuz. Iran said it had reached an agreement with Oman on a proposed route for shipping through the critical waterway, a potential step toward a reopening it for energy supplies. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againAs the US war with Iran upended crude markets and blocked Hormuz, the gateway to the Persian Gulf, Aramco rushed to divert the bulk of its export volumes to the Red Sea port of Yanbu in the country’s west. The country’s East-West pipeline became a lifeline to reach markets, yet the shipments via the Red Sea are under pressure as the Houthis threaten more attacks on tankers.So far Aramco has sustained crude exports at about 5 million barrels a day, Chief Executive Officer Amin Nasser said on an earnings conference call on Tuesday. That’s about 70% of the company’s normal level of shipments. This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.