Saudi Arabia has reduced oil prices for Asia by 40 cents per barrel, its first cut in three months. This follows OPEC+'s decision to increase supply by 138,000 barrels per day for April. The move aligns with market expectations, as Russian and Iranian oil supplies to China rise.
"Saudi Arabia eases oil prices for Asia as market reacts to OPEC+ supply hike"
Saudi Arabia, the world’s leading oil exporter, has reduced its crude oil prices for Asian buyers in April, marking the first price cut in three months. This move aligns with market expectations and follows OPEC+’s decision to gradually increase oil supply.
State-owned oil giant Saudi Aramco has lowered the official selling price (OSP) for its flagship Arab Light crude by 40 cents, bringing it to $3.50 per barrel above the average of Oman and Dubai prices. The reduction comes after last month’s peak of $3.90, which was the highest in over a year, driven by tighter U.S. sanctions on Russian oil that disrupted global trade. Prices for other crude grades sold to Asia have also been lowered.
OPEC+, which accounts for nearly half of global oil production, has approved a modest increase of 138,000 barrels per day for April—its first output hike since 2022. Meanwhile, Russian and Iranian oil supplies to China are rebounding, helped by non-sanctioned tankers seeking high profits. This shift is expected to ease supply concerns while reshaping market dynamics in the coming months.
Hundreds of people gathered for a second consecutive week at Tel Aviv’s Hostages Square, on Friday (12 December), to support the family of Master Sg...
Britain’s King Charles III said on Friday, 12 December, that his cancer treatment is expected to be reduced in the coming year, using a televised ad...
Talks aimed at ending the war between Ukraine and Russia are set to continue in Berlin this weekend, with U.S. envoy Steve Witkoff due to meet Ukraini...
Türkiye’s Trade Minister Omer Bolat said Friday that discussions in Washington with U.S. officials have strengthened efforts to expand bilateral tr...
Lebanon is prepared to demarcate its border with Syria, President Joseph Aoun said on Friday, while noting that the dispute over the Shebaa Farms coul...
A bulk carrier owned by a Turkish company was struck during a Russian attack on Ukraine’s southern coast on Friday.
Hundreds of people gathered for a second consecutive week at Tel Aviv’s Hostages Square, on Friday (12 December), to support the family of Master Sgt. Ran Gvili, the last remaining Israeli hostage whose body is believed to be held in Gaza.
Talks aimed at ending the war between Ukraine and Russia are set to continue in Berlin this weekend, with U.S. envoy Steve Witkoff due to meet Ukrainian President Volodymyr Zelenskyy and senior European leaders, a U.S. official said.
Thailand's leader vowed to continue military operations along the disputed border with Cambodia, as fighter jets launched strikes on Saturday, despite U.S. President Donald Trump’s announcement of a ceasefire agreement between the two nations.
Japan has lifted a tsunami advisory issued after an earthquake with a magnitude of 6.9 hit the country's northeastern region on Friday (12 December), the Japan Meteorological Agency (JMA) said. The JMA had earlier put the earthquake's preliminary magnitude at 6.7.
Iran is preparing to host a multilateral regional meeting next week in a bid to mediate between Afghanistan and Pakistan.
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
The resignation of Bulgaria's government on Thursday (11 December) puts an end to an increasingly unpopular coalition but is likely to usher in a period of prolonged political instability on the eve of the Black Sea nation's entry into the euro zone.
An extratropical cyclone has caused widespread disruption across Brazil’s São Paulo state, with powerful winds toppling trees and power lines, blocking streets and leaving large parts of the region without electricity.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
U.S. industrial production rose by 0.1% in September, rebounding after a decline in August, while capacity utilisation remained unchanged, according to Federal Reserve data on Wednesday.
Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment