State-owned Saudi Arabian Oil Co. lowered its official selling price for Arab Light crude to Asia by 20 cents a barrel to $1 a barrel less than the regional benchmark, according to the person, who asked not to be identified because the information isn’t public. The company, known as Saudi Aramco, was expected to widen the Arab Light grade’s discount by 40 cents a barrel to $1.20 a barrel less than the benchmark for buyers in Asia, according to the median estimate in a Bloomberg survey of seven refiners and traders in that region.
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