Saudi Arabia Cuts Flagship Oil Price to Asia for Third Month
Pipe work at the Khurais oil field in Khurais, Saudi Arabia.
Photographer: Maya Sidiqqui/BloombergSaudi Arabia dropped the price of its flagship crude grade to Asia for a third month on persistent signs of oversupply in the market.
State producer Saudi Aramco reduced the price of its Arab Light grade for customers in Asia to a 30-cent premium to the regional benchmark for February, according to a price list seen by Bloomberg. That was broadly in line with a Bloomberg survey of traders and refiners.