Saudi Arabia cut prices for Asian buyers by more than the market expected after the Organization of the Petroleum Exporting Countries and its Allies (OPEC+) further delayed plans to revive output, underscoring the still-weak market outlook.
According to Bloomberg, Saudi Aramco, the Saudi state oil company, will sell its main Arab light crude in January at a premium of 90 cents a barrel above the regional benchmark. That's down from a premium of $1.70 this month.
According to a survey of traders and refiners, the market had expected companies to cut premiums to about a dollar.
Saudi Aramco also cut prices for Northwest Europe and the Mediterranean region, but did not adjust prices for the North American market.
Benchmark oil prices in London have fallen this year on concerns that the global oil market will be in surplus next year due to weak demand growth.
At present, Brent crude is just above $71 a barrel, trading in a tight range. The ceasefire between Israel and Hezbollah in Lebanon has held, largely removing the premium traders had previously added due to geopolitical risk.
Earlier, OPEC+, led by Saudi Arabia and Russia, agreed to postpone the planned increase in output by three months, the third extension of the planned increase due to start in early January.
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