Saudi Arabia, the world's top oil exporter, cut the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low, on concerns over faltering demand and a potential increase in Russian competition.
The OSP for January-loading Arab Light to Asia was trimmed by $2.20 a barrel from December to $3.25 a barrel over Oman/Dubai quotes, state oil producer Saudi AramcoThe change was in line withThe Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, on Sunday decided to keepThe backwardation in the Dubai market structure narrowed during trading last month, implying that fears over near-term supply tightness for crude were easing.
The premium for front-month Dubai over the price for the third-month averaged $2.76 a barrel in November, down from $4.73 in October.$60 per barrel price cap"Although the market remains cautious on lifting Russian crude as the price cap is just set, there is no doubt that more cargoes will flow to Asia and compete with the Middle Eastern crude," said a Singapore-based trader.
Saudi Arabia cut its January Arab Light OSP to northwest Europe by $1.80 a barrel from December and kept the price to the United States unchanged. Reporting by Muyu Xu in Singapore, Arpan Varghese and Seher Dareen in Bengaluru; Editing by Jane Merriman and Bradley Perrett
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