Saudis Cut Main Oil Price to Five-Year Low as Surplus Hits

Saudi Arabia cut the price of its flagship crude grade to the lowest level in five years, amid persistent signs of a surplus in global oil markets.

State producer Saudi Aramco will reduce the price of its Arab Light grade for Asian customers to a 60-cent premium to the regional benchmark for January, according to a price list seen by Bloomberg. It’s the lowest since January 2021 and a drop that was largely in-line with a survey of refiners and traders.