Saudi Arabia cut oil prices amid new measures to combat coronavirus in China due to a new outbreak, according to Bloomberg.

Oil company Saudi Aramco also decided to cut prices due to a difficult supply situation amid Russia's special operation in Ukraine. At the same time, the organization decided to change its pricing policy for the first time in four months.

The publication noted that we are talking about a record decline in the price of oil of the key Arab Light brand for deliveries to Asia in June to $4.40 per barrel. At the same time, May deliveries were subject to a price of $9.35 per barrel.

The agency added that Saudi Arabia sends more than half of its crude oil exports to Asia. The largest buyers of oil are China, Japan, South Korea and India.