Saudis Slash Oil Prices For Asian Markets; So Much For Solving That Banking Liquidity Crisis

Monday, August 1, 2016
By Paul Martin

by Tyler Durden
Aug 1, 2016

Shortly after we spoke yesterday about the banking liquidity crisis in Saudi Arabia caused by the “Saudi circ ref” (low oil prices -> budget deficits -> more oil pumping -> even lower oil prices), almost on cue, the state-owned Saudi Aramco, the worlds largest oil exporter, announced the largest price cut for Arab light sweet crude sold into Asian markets in 10 months.

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