Saudi Arabia Slashes Oil Prices to Asia for Third Straight Month

Saudi Arabia Slashes Oil Prices to Asia for Third Straight Month

Saudi Arabia has cut the price of its flagship crude grade Arab Light loading for Asia in February, in the third consecutive monthly reduction amid ample supply and weakened Middle Eastern benchmarks.  Saudi Arabia, the world’s largest crude oil exporter, lowered the official selling price (OSPs) of Arab Light by $0.30 per barrel above the average of the Oman and Dubai benchmarks, to a premium of $0.30 a barrel above the Oman/Dubai quotes. That’…

Saudi Arabia Trims Flagship Oil Price for Asia for 3rd Month

The cut comes as OPEC and some of its allies stuck with plans to pause supply increases in the first quarter.

Saudi Arabia cuts February Arab Light crude price to Asia for third straight month

The February OSP for Arab Light crude was set at $0.30 a barrel above the Oman/Dubai average, down from $0.60 a barrel in January

Saudi Arabia cuts flagship oil price to Asia for a third month

The International Energy Agency has forecast a glut of about 3.8 million barrels a day for this year