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Saudi Cutting Oil Prices to Asia Shows Supply War Isn’t Over

  • Most buyers said OSPs met or were lower than expectations
  • Deluge of unsold crude heading to Asia shows no sign of ebbing
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OPEC+ Cuts Have Put a Floor Under Oil Prices: BNP Paribas
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Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market.

That perhaps explains why the de-facto leader of OPEC slashed its official selling prices to Asian customers for May by larger-than-expected margins this week. Eight of eleven refiners across the region surveyed by Bloomberg welcomed Saudi Aramco’s aggressive marketing strategy, while the remaining three said they had expected even steeper discounts.