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International

Saudi Arabia Cuts Oil Prices to Asia as Market Weakness Persists

22:36, Sunday, 07 January, 2024
Saudi Arabia Cuts Oil Prices to Asia as Market Weakness Persists

Saudi Arabia will cut key crude prices for buyers in all regions, including its main Asia market, for February amid persistent weakness in the market.

Oil consumption typically eases during February and March, with refiners using the period to shut some facilities for periodic maintenance. At the same time, strong global supply, including from the US, is raising the likelihood of a surplus that forced the OPEC+ group, led by Saudi Arabia and Russia, to extend output cuts into this year.

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