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Saudi Aramco May Cut Arab Light to Asia by 1.70$/bbl

OIL

Saudi Aramco may cut the OSP for its flagship Arab Light crude for Asian customers by around $1.70/bbl over the Oman/Dubai crude quotes in February from the previous month, according to five refining sources surveyed by Reuters.

  • This would be the lowest premium in a year. Respondents said Saudi Arabia may cut the premiums on all crude grades.
  • "Saudi Arabia needs to lower prices to defend its market share as the prices for other oil are significantly lower," said one respondent.
  • Saudi Arabia’s official selling prices are typically released on the fifth of each month.

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