Saudi Arabia Cuts Oil Prices Amid Slowing Demand and Economic Headwinds

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, on May 21, 2018. Ahmed Jadallah/Reuters

The Kingdom of Saudi Arabia cut oil prices for clients in Asia and Europe amid sluggish demand and a downturn in the world economy.

Oil prices had its worst start to a year in over three decades, after tumbling by 9 percent in two days.