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Saudi Arabia cuts January crude prices to Asian buyers

Saudi Arabia cuts January crude prices to Asian buyers

Arab Finance: Saudi Arabia has cut crude oil prices for January to the Asian markets, Reuters reported on December 5th, citing Saudi Aramco.

The official selling price (OSP) of the Arab light crude for January to Asia hit a 10-month low after falling by $2.20 per barrel to $3.25 per barrel over Oman/Dubai quotes, as compared to December.

The price decline came in line with market forecasts of $2 a barrel cut.

Moreover, the kingdom lowered the OSP of its January Arab light to northwest Europe by $1.80 per barrel from December, while the price remained unchanged to the US.

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