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Saudi Arabia cut prices for all oil sales to Asia in February, suggesting that demand in the kingdom's main markets remains subdued
as the economy slows.
Saudi Aramco cut prices for all types of crude to be shipped to Asia in February, with the company's flagship Arab Light crude being cut to $1.
80 a barrel, $1.
45 below the region's benchmark price and the lowest level
since November 2021.
It is worth mentioning that most of Saudi oil is sold to Asia under long-term contracts, the price of which is assessed
every month.
Among them, China, Japan, South Korea and India are the largest buyers
.
In addition, Saudi Aramco has lowered the price of
crude oil destined for the Mediterranean region.
Still, many oil traders expect prices to rebound
in the second quarter as China's coronavirus outbreak eases and its crude supply may decline.
Last month, OPEC+ decided to keep output steady
after cutting output by 2 million barrels per day in October.
The organization plans to hold its next meeting in June, which may be held
earlier if prices fluctuate significantly.
Brent crude futures have fallen from nearly $125 a barrel in June to less than $80 a barrel today, down 7.
5%
this week, as fears of a global recession increase, and high interest rates and a strong dollar hit demand for crude oil in the United States, Europe and China.
