![In this photo illustration the logo of "Saudi Aramco", the national oil and gas company of Saudi Arabia [Ali Balıkçı/Anadolu Agency]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2022/05/AA-20220512-27837310-27837304-SAUDI_ARAMCO-scaled.jpg?fit=1200%2C800&ssl=1)
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