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Saudi’s OSP Cuts Driven by Weak Demand Not Policy Shift

OIL

Saudi Arabia’s cut in OSPs to Asia reflects weaker fundamentals of supply and demand, rather than a potential shift in OPEC+ policy or fight for market share, analysts told Reuters.

  • Saudi cut its OSPs to Asia to the lowest level in 27 months. Asia is the largest market for Saudi crude.
  • Analysts said that the cut brought Saudi crude in line with that of other producers to improve competitiveness.
  • Analysts did not believe that the cut was a return to Saudi’s previous policy of trying to capture market share, as occurred in March 2020 and November 2014.
  • OPEC delegates downplayed the issue of markets share, citing their view that non-OPEC supply growth will slow, and members’ market share will recover through continued investment in production capacity.
Energy BulletsCommodities
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