Reported 18 days ago
Saudi Arabia has announced a cut in oil prices for Asian buyers following OPEC+'s decision to further postpone the revival of production, indicating a weak market outlook. State oil producer Saudi Aramco will sell its Arab Light crude at a premium of 90 cents above the regional benchmark for January, down from $1.70 this month. OPEC+ has also pushed back planned production increases by three months, raising concerns about potential oversupply and sustaining lower prices amidst sluggish demand growth, particularly from China.
Source: YAHOO