Source: MarketWatch
Wednesday 6 December 2023 15:45:33
Saudi Arabia cut the price for its flagship Arab Light crude to Asian customers despite extending voluntary output cuts amid concerns around an oversupplied market.
State-owned oil giant Saudi Arabian Oil Co., known as Saudi Aramco, lowered its January official selling price for Arab Light to Asia by $0.50 to $3.50 a barrel over the Oman/Dubai average. The price is considered a barometer for how the kingdom sees the demand outlook.
Aramco also cut its January official selling price for Arab Light for northwest Europe by $2 to $2.90 a barrel versus ICE Brent and for North America by $0.30 to $7.15 a barrel versus ASCI.
Last week, Saudi Arabia said it would extend its voluntary curbs of 1 million barrels of oil a day as part of a deal that the Organization of the Petroleum Exporting Countries and its allies reached on additional cuts for next year.