U.S. Fuel Sales to Japan Weaken Saudi Grip on Cooking Gas Prices
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A rise in U.S. sales of liquefied petroleum gas to the world’s largest importer of the fuel may be aiding Japan’s strategy to curb prices of Middle East supplies.
The average premium for Saudi Arabian Oil Co.’s LPG for sale to Asia this year versus those at Texas has shrunk by almost a third from 2014’s level, according to data compiled by Bloomberg. That’s after Japan boosted purchases from the U.S. in a move its Ministry of Economy, Trade and Industry said was key to lowering Middle East benchmark values.