Saudi Aramco Drops January’s Arab Light Prices for Asia 

Saudi Aramco Drops January’s Arab Light Prices for Asia 

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low.

The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile.

The largest oil exporter set the official selling price of Arab Light crude to northwest Europe at $0.10 lower than Brent crude in January, $1.80 less than its December price.

The US selling price remained unchanged from last month at $6.35 above the Argus Sour Crude Index (ASCI) for January.

OPEC+ decision and market stability

The Organization of the Petroleum Exporting Countries and allies, including Russia, also known as OPEC+, maintained their previous crude output target during their Sunday virtual meeting.

OPEC+ kept their oil production targets unchanged before the European Union's ban on Russian crude took effect, and the G7 imposed a maximum price on its prices, starting Monday.

Oil prices rose on Monday after the OPEC+ decision, and in a positive sign of fuel demand from the largest oil importer in the world, as more Chinese cities relaxed COVID-19 restrictions at the beginning of the week.

Brent crude futures settled down $2.89, or 3.4 percent, at $82.68 a barrel. West Texas Intermediate