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Saudi Arabia could further reduce the official selling price of its flagship product, soft Arabian crude, for Asian buyers, Reuters reported, citing four analysts surveyed. The reduction will be for Asian purchases.
Aramco has already cut the price of its Arab Light for Asian buyers to the lowest in 10 months for shipments that will be positioned this month. The value of the last month.
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“The near-term market outlook is bleak. More Russian barrels are expected to arrive in Asia, but demand is not increasing,” one Reuters respondent said.
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Demand from Asia was expected to increase with China’s reopening after Covid, but those expectations would likely have been overly optimistic. Any expected recovery would likely take a little more than a few days.
At the same time, there are signs that such a recovery is in sight: the first batch of fuel export quotas issued by Beijing earlier this week is nearly 50% higher than the first batch by 2022, suggesting a buildup of crude imports.
The total volume of fuels subject to the quota is 18. 99 million tons of gasoline, diesel and turbosine. The increase in exports would be directed to the European Union where, on February 5, the embargo on Russian fuels will come into force.
By Charles Kennedy for Oilprice. com
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