State producer Saudi Aramco will reduce the price of its flagship Arab Light crude grade to a 60 cents premium to the regional benchmark for January (Image source: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Saudi Arabia cut the price of its main crude grade to Asia to the lowest level in five years, amid persistent signs of a surplus in global oil markets.

State producer Saudi Aramco will reduce the price of its flagship Arab Light crude grade to a 60 cents premium to the regional benchmark for January, according to a price list seen by Bloomberg. That’s the lowest since January 2021. The cut was fractionally bigger than an expected 30 cents a barrel reduction, according to a survey of refiners and traders.

The Organization of the Petroleum Exporting Coun

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