Top oil exporter Saudi Arabia may further cut the prices for its flagship Arab Light crude grade to Asia in February, after they were set at a 10-month low this month, as concerns of oversupply continued to cloud the market.
State oil giant Saudi Aramco may cut the official selling price for the medium sour grade by about $1.50 a barrel in February, according to four respondents surveyed by Reuters, in line with the move in the Dubai benchmark.
"The near-term market outlook is dim. More Russian barrels are expected to flow to Asia, but demand is not picking up," said one respondent. Though Moscow last week banned crude sales to countries that observe the price ceiling on Russian crude oil, its key oil clients in Asia would be unaffected as they did not join the price cap coalition.Russia became the top crude supplier to both China and India in November, as the Asian countries took advantage of the steep discounts while the western countries eschewed business with Moscow.
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