Saudi Arabia is cutting oil prices for buyers in Asia by more than expected after OPEC+ further delayed an output revival, underscoring how the outlook for the market remains weak.
State oil producer Saudi Aramco will sell its main Arab Light crude grade at a premium of 90 cents a barrel to the regional benchmark in Jan, according to a price list seen by Bloomberg. That compares with $1.7 for this month.
Earlier, OPEC+ – led by Saudi Arabia and Russia – agreed to push back production increases planned for the start of January by another three months, following two previous delays. The prospect of an impending oversupply leaves the group with the uncomfortable dilemma of whether to prolong production curbs well into 2025 or risk a price slump.