Saudi Arabia Cuts Oil Prices For Asia In February

Saudi Arabia cut the prices of all the crude grades it will be selling to Asia in February to the lowest premium to regional benchmarks in three months, amid the rapid spread of Omicron and higher OPEC+ supply to the markets. The Kingdom, the world’s largest crude oil exporter, reduced the price of its flagship Arab Light crude grade for the Asian market by $1.10 a barrel to $2.20 per barrel over the Oman/Dubai benchmark, off which Middle Eastern exports to Asia are being priced. The premium over Oman/Dubai is the lowest for the Saudi Arab…