Saudi Arabia lowers oil prices in Asian markets…
Saudi Arabia has decided to cut oil prices for its Asian buyers more than expected in a dramatic move as OPEC+ again delays a planned production increase. State-owned oil producer Saudi Aramco will offer its flagship Arabian Light crude oil starting in January at a premium of 90 cents per barrel lower than the regional benchmark, Bloomberg reported. This marks a significant decrease from the $1.70/barrel premium this month. Initially, industry analysts expected a smaller drop of $1 a barrel, based on surveys of traders and refiners. Also read: World’s largest import market for petroleum lubricants and greases The price reduction decision is not limited to the Asian market; similar adjustments have been made to buyers in northwest Europe and the Mediterranean region. In contrast, prices in North America remained unchanged, highlighting strategic differences in pricing across regions. Global benchmark oil prices are experiencing a downward trend, with worries about weak demand growth, especially from China, raising concerns about a…
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