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Saudi Arabia cuts oil prices for Asia amid OPEC+ Supply boost
Reuters
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.
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