NEW YORK, July 6. /TASS/. Saudi Aramco, the national oil company of Saudi Arabia, dramatically reduced selling prices of its oil for Asia for August, Bloomberg reports, citing company data.

This is a record price cut over twenty-five years.

The Arab Light oil blend price for Asian consumers was lowered by $11 per barrel. The adjusted price is much lower than the forecast one, as traders anticipated a $8 per barrel cut.