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Saudi Arabia, the world's largest oil exporter, has cut its official selling price (OSP) for all grades of crude sold to Asia in February by at least $1 a barrel
, three people familiar with the matter said on Thursday, Reuters reported on January 6.
OPEC and its ally OPEC+ decided this week to increase oil supply by another 400,000 b/d in February, a policy that has been in place since last August, so the sharp price cuts come against the backdrop of increased supply
.
Falling crude costs could support margins for top Asian refiners such as Japan's ENEOS Holdings and India's Reliance Industries
.
Saudi Aramco pegged the February price of Arab Light crude at $2.
20/b above the Oman/Dubai average, down $1.
10 from the previous month
.
Flagship crude oil's OSP in February was the lowest in three months
.
Middle Eastern benchmark and spot prices fell sharply last month amid increased supply, after Saudi Aramco was expected to cut prices
sharply in February.
However, sources said the price cut was still lower than industry expectations
.
For example, a Reuters survey showed that Arabian Light crude futures were expected to fall by at least $1.
30 per barrel
.
