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Saudi Arabia sets January Arab Light prices to Asia, Aramco says

December 7, 2022 at 8:30 pm

In this photo illustration the logo of “Saudi Aramco”, the national oil and gas company of Saudi Arabia [Ali Balıkçı/Anadolu Agency]

Saudi Arabia, the world’s top oil exporter, cut the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers on concerns over faltering demand and a potential increase in Russian competition, Reuters reports.

According to the report, the price for January-loading Arab Light to Asia was trimmed by $2.20 a barrel from December, to $3.25.

The Organisation of the Petroleum Exporting Countries (OPEC) and allies, including Russia, known as OPEC+, on Sunday decided to keep unchanged their plan to cut production report added.

READ: US Senator calls on Washington to ‘freeze’ cooperation with Saudi Arabia following OPEC+ agreement