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SAUDI ARABIAN OIL COMPANY

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Saudi Aramco Cuts Official Selling Prices For Asia, Europe

05/05/2021 | 10:49am EDT

By David Hodari

Saudi Arabian Oil Co. on Wednesday cut all of the prices at which it will sell oil to Asia and Europe in June, while slightly raising its prices for the U.S., signaling the struggles some of Europe's and Asia's economies have faced in keeping coronavirus infection rates at bay.

The state-run company, also known as Saudi Aramco, cut all prices for Far East Asia, lowering its Arab light crude oil by 0.10 cents a barrel to a 1.70 cents-a-barrel premium to the Oman/Dubai average.

Meanwhile, Aramco cut its light crude sale price to Northwest Europe by 0.50 cents a barrel, leaving it at a 2.90-cents-a -barrel discount to Brent crude oil traded on the Intercontinental Exchange, while lowering its light crude sale price for the Mediterranean by 0.20 cents a barrel to give it a 2.30-cents-a-barrel discount to ICE Brent.

After lowering most of its U.S. sale prices lower by 0.10 cents a barrel last month, Aramco increased all of its prices by 0.20 cents a barrel for June, giving its light crude price a 1.05 a barrel premium to the Argus Sour Crude Index, or ASCI, which reflect the U.S. Gulf Coast medium-sour crude.

Spiraling coronavirus case figures in India have spooked investors in recent weeks, but analysts said Wednesday that the low likelihood that the country's government will impose lockdowns was providing support to oil demand. Several major European economies have also struggled to keep case numbers down. In contrast, the U.S. and some European economies such as the U.K. continue to open up.

At 1447 GMT, Brent crude oil was up 1.2% at $69.70 a barrel and WTI futures were up 1.7% at $66.47 a barrel after the American Petroleum Institute released bullish inventory numbers late Tuesday.

Write to David Hodari at david.hodari@wsj.com

(END) Dow Jones Newswires

05-05-21 1048ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.95% 34196.82 Delayed Quote.10.68%
INTERCONTINENTAL EXCHANGE, INC. 1.24% 118.09 Delayed Quote.2.43%
LONDON BRENT OIL 0.11% 75.63 Delayed Quote.44.55%
S&P GSCI BRENT CRUDE INDEX 0.04% 637.0221 Delayed Quote.43.82%
S&P GSCI CRUDE OIL INDEX 0.07% 402.0606 Delayed Quote.50.62%
SAUDI ARABIAN OIL COMPANY -0.14% 35.15 End-of-day quote.0.43%
WTI 0.12% 73.355 Delayed Quote.51.13%
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Financials
Sales 2021 1 307 B 349 B 349 B
Net income 2021 352 B 93 988 M 93 988 M
Net Debt 2021 303 B 80 886 M 80 886 M
P/E ratio 2021 19,7x
Yield 2021 4,02%
Capitalization 7 026 B 1 873 B 1 874 B
EV / Sales 2021 5,61x
EV / Sales 2022 5,31x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Last Close Price 35,15 SAR
Average target price 34,65 SAR
Spread / Average Target -1,41%
EPS Revisions
Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Senior VP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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1st jan.Capitalization (M$)
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