Aramco’s Arab Light crude prices to Asia hits 27-month low

Aramco’s Arab Light crude prices to Asia hits 27-month low

RIYADH: Saudi Aramco on Sunday cut the February official selling price for its flagship Arab Light crude to Asian customers to the lowest level in 27 months, according to an official statement.

The oil giant reduced the price for February-loading Arab Light to Asia by $2 per barrel from January to $1.50 a barrel versus the Oman/Dubai average.

The price cut is in line with market expectations, as refiners called for competitive prices from Saudi Arabia compared to crude oil supplied from other Middle Eastern producers and the arbitrage cargoes from the Atlantic Basin. Aramco’s Arab Light crude prices to Asia hits 27-month low