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09-01-22
Saudi Arabia lowers crude costs for Asian purchasers
(MENAFN) Saudi Arabia reduce crude costs for purchasers in Asia, indicating that additional supplies from OPEC and its associates may ease the market amidst the quick spread of Covid-19.
Saudi Aramco, the largest oil firm in the world, lowered February’s costs for all oil grades that are going to be transported to Asia, its key market. It reduced the key Arab Light grade by USD1.10 from January to USD2.20 a barrel higher than the benchmark it exploits.
Based on a Bloomberg survey the previous week, the step was lesser than predicted. Dealers in Asia were predicting a USD1.25 reductions for the grade.
On Tuesday OPEC+, ran by Saudi Arabia and Russia, made a decision to raise its output in February by 400,000 barrels for one day, even as it forecasted the market would shift to being oversupplied from January.
MENAFN09012022000045013568ID1103509209
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