Saudi Arabia cuts oil prices

Saudi Arabia has cut oil prices to Asia amid continued weakness. Saudi Arabia will cut major crude prices for buyers in all regions, including its main Asian market, in February amid continued weakness. Oil consumption typically declines in February and March, when refiners use the period to shut down some facilities for periodic maintenance. At the same time, strong global supply, including from the U.S., is raising the possibility of a glut that could force the OPEC+ group, led by Saudi Arabia and Russia, to extend production cuts into this year. State producer Saudi Aramco cut the price of its flagship Arab Light to Asia by between $2 and $1.50 a barrel above its benchmark. That was a bigger drop than the $1.25 a barrel expected in a Bloomberg survey of refiners and investors. Aramco also cut all prices for February delivery to northwestern Europe, the Mediterranean and North America.