Reported 20 days ago
Saudi Aramco has lowered its oil prices for December in Asia after OPEC+ announced a delay in production increases. The company will now offer its Arab Light crude at a premium of $1.70 per barrel, down from $2.20. This price cut comes as demand remains weak, particularly in China, and amid concerns over excess supply. OPEC+ has decided to extend output cuts throughout next year, which may not significantly boost prices, and forecasts suggest potential price drops into the $60s by 2025.
Source: YAHOO