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Saudi Arabia cuts May oil prices to Asia — Reuters

The drop marks the biggest decline in prices for Saudi oil in more than two years, according to the report

LONDON, April 7. /TASS/. Saudi Arabia has slashed its prices for Asian buyers to a four-year low prior to an increase in OPEC+ supplies, Reuters reported.

State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab Light crude by $2.30 to $1.20 a barrel, the agency said. The drop marks the biggest decline in prices for Saudi oil in more than two years, according to the report.

Eight OPEC+ countries participating in voluntary oil production cuts decided on April 3 to change the output schedule and boost oil production in May by 411,000 barrels daily, OPEC said in a statement on its website.