Saudi Arabia cuts Jan oil price to Asia to 4-month low to keep market share - RTRS

Saudi’s oil giant, Aramco slashed the January price for its Arab Light crude for Asian customers to the lowest in four months in a bid to preserve market share, Reuters reports.

Saudi Aramco said late-Tuesday it cut the price of Arab Light crude sales to Asia by $1.20 a barrel versus December to a discount of $0.75 a barrel to the Oman/Dubai average.

Although the company raised its Arab Light OSP to Northwest Europe by $0.30 a barrel for January from the previous month at a discount of $4.20 a barrel to the Brent Weighted Average (BWAVE).

The Arab Light OSP to the United States was set at a premium of $0.05 a barrel to the Argus Sour Crude Index (ASCI) for January, down $0.30 a barrel from the previous month.