Saudis Cut Key Oil Price for Asian Buyers in Sign of Surplus

Saudi Arabia cut the price of its main oil grade for buyers in Asia to the lowest in years, a further sign that global supplies are running ahead of demand.

State oil producer Saudi Aramco will reduce the price of its Arab Light grade by 30 cents a barrel to parity with the regional benchmark for March, according to a price list seen by Bloomberg. That brings pricing for the kingdom’s most plentiful crude blend to the lowest level since late 2020.