Saudi Arabia May Cut Oil Prices for Asian Buyers Next Month

Saudi Arabia may reduce the official selling prices for most of its oil grades for Asian buyers next month, Reuters has reported, citing sources from the refining industry. Based on a poll conducted among six of these sources, Reuters expects the Saudis to reduce prices by between $0.30 and $0.50 per barrel in December, which would be in line with the movement of the Dubai benchmark price last month, the publication noted. A price cut would not do the Saudis a favor with regard to international prices, however. It would signal a perception that…