Saudi Arabia cuts the biggest drop in oil exports to us

WASHINGTON, July 5 (Xinhua) Saudi Aramco, the world's largest state-owned oil company, announced a downgrade of official prices for all levels of crude oil exported to the US market in August, according to Bloomberg News. Saudi Aramco said in a statement e-mailed 5th that it has cut prices for heavy crude exports to the rest of the world, with the biggest increase in heavy crude oil exports to the United States in AUGUST, down 75 cents a barrel, compared to the US market--West Texas medium-quality oil (WTI)　　The price is 5.50 dollars lower.　　Saudi Arabia's ultra-lightweight crude oil has also lowered exports to the U.S., but the level of crude oil has increased for export prices in Northwest Europe, the Mediterranean and the Far East. Saudi Arabia is the largest producer of Petroleum Exporting Countries (OPEC). Saudi Arabia was the second largest supplier of oil to the United States in 2008 after Canada, according to data from the Energy intelligence Agency.