Tag Crude Oil

Saudi Aramco, the world’s largest oil company, cut the price of all grades of crude oil destined for its main market Asia in February. The company cut the benchmark price of major Arab light crude oil by $1.10 from January to $2.20 a barrel. However, the price adjustment is less than expected. According to a media survey last week, Asian traders expect the price to be reduced by $1.25; Saudi Arabia cut oil prices to Asian buyers, which means that the additional supply of OPEC + may ease the market in the case of the rapid spread of the epidemic. On Tuesday, OPEC + will again set the target of increasing production by 400000 barrels / day in February. As the current market concerns about Omicron have subsided, the price of Brent crude oil has stood at $80 a barrel. Despite such worries, OPEC + remained cautious and left its own way – it would suspend production if demand fell or oil inventories were surplus. More than 60% of Saudi Arabia’s crude oil is exported to Asia, and Japan, South Korea and India are the largest buyers.