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Saudi Arabia cut the value of crude it will sell to Asia in January to a 10-month low from regional benchmarks that have weakened in recent weeks amid signs of sluggish demand in the world’s largest oil import market.
Saudi Aramco, the state-owned oil giant, on Monday cut the value of its flagship Arab Light crude due in January in Asia to $2. 20 a barrel at a premium of $3. 25 a barrel compared with the Oman/Dubai regional benchmark. what a source of Middle East futures for Asia is worthwhile.
The Saudi oil giant also cut the value of Arab Light in northwestern Europe to $1. 80 a barrel, which it will sell in January at $0. 10 to ICE Brent. The value in the United States remained unchanged.
Lower Saudi costs indicate concerns about the outlook for oil demand in the main cargo region, Asia, where lockdowns in China have dented market sentiment. despite the EU’s ban on imports of Russian crude, which came into force on Monday.
At Sunday’s OPEC assembly, the alliance will not replace its members’ production quotas.
OPEC agreed in October to cut the collective oil production target by 2 million barrels per day (bpd) starting in November. The real relief would be around 1 million bpd, of which Saudi Arabia, which has tried to produce under its quotas, will cut output through 526,000 bpd from November and have a target of 10. 478 million bpd until OPEC makes a different decision.
By Charles Kennedy for Oilprice. com
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