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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Australia has been plunged into mourning following the deadly shooting at a Jewish holiday gathering on Sydney’s Bondi Beach, with the funeral of 10-year-old Matilda marking a deeply emotional moment for the nation.
The United States military has carried out another lethal strike against an alleged drug-trafficking vessel in the eastern Pacific Ocean, marking the second such attack in the space of a week and underscoring a sharp escalation in Washington’s anti-narcotics campaign.
President Volodymyr Zelenskyy has urged Ukraine’s allies to secure support for Kyiv and convince Russia that pressing on with the war would be futile. He made the comment during his evening address on Wednesday ahead of a key European Union summit focused on Moscow’s frozen assets.
U.S. President Donald Trump delivered a wide-ranging address from the White House in which he sought to highlight what he described as his administration’s achievements while laying the groundwork for his plans for the year ahead and beyond, on Wednesday (18 December).
Cambodia must be the first to declare a ceasefire in the ongoing border conflict, Thailand said on Tuesday (16 December), as fighting continued despite earlier claims that hostilities would stop and at least 52 people have been killed on both sides.
The latest clashes between Thailand and Cambodia mark a dangerous escalation in one of Southeast Asia’s oldest and most sensitive disputes.
U.S. President Donald Trump confirmed that his administration is examining whether Israel violated the Gaza ceasefire agreement by conducting an airstrike on Saturday (13 December) that killed Hamas leader Raad Saad.
In the complex world of international diplomacy, the ongoing tensions between India and Pakistan have raised significant questions about the role of third-party mediation.
The fourth European Conference on Azerbaijani Studies was held in Vienna, Austria, on 5 December, by the European Network for Azerbaijani Studies and the Strategic Consultancy Group.
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Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
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.
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