Saudi Aramco Cuts February Oil Prices for Asia

Saudi Arabia’s state-owned oil and gas company Saudi Aramco has cut its February selling prices for oil for Asia, Bloomberg reported.

“Saudi Arabia has slashed oil prices for buyers in Asia, signaling that additional supplies from OPEC and OPEC + could weaken the market amid the rapid spread of the coronavirus,” the agency said.

Saudi Aramco has cut prices for all brands of oil to be supplied to Asia for February. The selling price of the Arab Light brand for consumers in Asia will decrease by $1.1 from the current level. It will be by $2.2 per barrel to exceed the Oman/Dubai varieties basket.

On Tuesday, an OPEC + meeting was held, during which the alliance decided to increase production in February by another 400 thousand barrels per day, as previously announced.

In particular, Russian Deputy Prime Minister Alexander Novak, commenting on the alliance’s decision, noted that OPEC + sees no danger in the omicron coronavirus strain for the oil market.

Aramco is Saudi Arabia’s national oil and gas company of Saudi Arabia, founded in 1933, and has over 70 thousands employees. The company is present in three major global energy markets in Asia, Europe, and North America.

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