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Saudi Arabia Could Lower Crude Prices For Asia Again

OIL

Saudi Arabia could lower crude prices for Asia for the fourth consecutive month in March amid low physical oil premiums, a Reuters survey of four refining sources showed.

  • Aramco could lower the rice of Arab Light crude by $0.30/bbl to Asian clients for March-loading cargoes according to the survey.
  • That would reduce the overall differential to around $1.50/bbl above the average of the Platts Dubai and Dubai Mercantile Exchange’s Oman quotes, the lowest since November 2021.
  • “The overall demand for medium-grade oil in Asia remains tepid, and China’s consumption may not come back in the near term,” a source told Reuters.

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