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    Home > Chemicals Industry > Petrochemical News > Saudi Arabia lowered Asian oil prices to their lowest level since November 2021 due to slowing demand

    Saudi Arabia lowered Asian oil prices to their lowest level since November 2021 due to slowing demand

    • Last Update: 2023-02-03
    • Source: Internet
    • Author: User
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    Saudi Arabia cut prices for all oil sales to Asia in February, suggesting that demand in the kingdom's main markets remains subdued
    as the economy slows.
    Saudi Aramco cut prices for all types of crude to be shipped to Asia in February, with the company's flagship Arab Light crude being cut to $1.
    80 a barrel, $1.
    45 below the region's benchmark price and the lowest level
    since November 2021.

    It is worth mentioning that most of Saudi oil is sold to Asia under long-term contracts, the price of which is assessed
    every month.
    Among them, China, Japan, South Korea and India are the largest buyers
    .

    In addition, Saudi Aramco has lowered the price of
    crude oil destined for the Mediterranean region.

    Still, many oil traders expect prices to rebound
    in the second quarter as China's coronavirus outbreak eases and its crude supply may decline.

    Last month, OPEC+ decided to keep output steady
    after cutting output by 2 million barrels per day in October.
    The organization plans to hold its next meeting in June, which may be held
    earlier if prices fluctuate significantly.

    Brent crude futures have fallen from nearly $125 a barrel in June to less than $80 a barrel today, down 7.
    5%
    this week, as fears of a global recession increase, and high interest rates and a strong dollar hit demand for crude oil in the United States, Europe and China.


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