Saudi Aramco Cuts Oil Pricing to U.S. Amid Record-Low Supply
- Pricing for Arab Light crude to Asia unchanged for February
- Company trimming supply to market in line with OPEC cuts
OPEC's Control of the Oil Market Is Running on Fumes
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Saudi Arabia cut February pricing for most of its crude sales to the U.S. for a second month even as the world’s largest oil exporter ships record-low volumes to American buyers in an effort to help trim a global glut.
While producers often reduce prices to stimulate sales, Saudi Arabia is cutting shipments to the U.S. market to help limit worldwide supply. Saudi exports to the U.S. dipped to a 30-year low in October, according to the Energy Information Administration, as the kingdom leads a drive by the Organization of Petroleum Exporting Countries and allied producers to reduce inventories.