Saudi Arabia cuts Arab Light crude prices for Asia in February

Today, Thursday, Saudi Aramco announced a reduction in the official selling price of Arab Light crude in February for buyers from Asia to a premium of $1.8 a barrel over the Oman/Dubai average.

This price is $1.45 a barrel below the January official selling price.

The company set the selling price of Arab Light crude for Northwestern Europe at $1.50 a barrel below the price of Brent crude for February, down $1.40 a barrel from its price in January, according to Reuters.

The price cut comes at a time when Russia is shifting its oil from Europe to Asia, after the European Union banned seaborne crude oil imports from December 5, along with the price ceiling imposed by the G7 countries and restricting the Russian oil trade’s ability to access financing services. Western freight and insurance.

Meanwhile, the official US selling price (OSP) was unchanged from last month at $6.35 against the Argus benchmark for February’s sour crude.

Bloomberg quoted a Saudi official as saying that the kingdom maintained its oil exports at 7.21 million barrels per day last December.

The official added that the kingdom produced just below its OPEC+ target of 10.48 million barrels per day.

It is noteworthy that the production of OPEC rose last month as a result of the success of Nigeria’s efforts to address the theft of oil from pipelines.