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Saudis Cut Oil Prices for Asia as Supply Rises and Virus Spreads

  • Aramco reduces key grade for Asia to premium of $2.20 a barrel
  • Move comes days after OPEC+ opted to continue raising supply
Fuel Prices At Sahel Gas Station In Saudi Arabia
Photographer: Simon Dawson/Bloomberg
Updated on

Saudi Arabia cut oil prices for buyers in Asia, signaling that extra supplies from OPEC and its partners could loosen the market amid the rapid spread of coronavirus.

State-controlled Saudi Aramco, the world’s biggest oil company, reduced February prices for all types of crude that will be shipped to Asia, its main market. It lowered the key Arab Light grade by $1.10 from January to $2.20 a barrel above a regional benchmark.