Saudi Arabia Slashes Oil Prices Ahead of Output Boost

Saudi Arabia cut the official selling prices for its oil sharply ahead of a production boost set for next month. The sharpest cut was made for the price of oil sold in Asia, with flagship Arab Light set to be $2.30 per barrel cheaper in May, at a premium of $1.20 per barrel over the Dubai/Oman benchmark. This is the sharpest price cut in over two years, Reuters reported. The move comes amid an oil price rout that followed President Trump’s announcement of a flurry of tariffs on all trade partners, notably China, which is the world’s…