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Saudi Arabia cuts January oil prices to Asia to 10-month low

Saudi Arabia cuts January oil prices to Asia to 10-month low
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SAUDI ARAMCO
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-1.60% 30.75 -0.50

Riyadh – Mubasher: Saudi Arabia cut the January 2023 official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low, on concerns over a drop in demand and a potential increase in Russian competition.

The Saudi Arabian Oil Company (Aramco) said the OSP for January-loading Arab Light to Asia dipped by $2.20 a barrel from December to $3.25 a barrel over Oman/Dubai quotes, Reuters reported.

The change was in line with market forecasts for a cut of about $2 a barrel.

The Gulf state cut its January Arab Light OSP to northwest Europe by $1.80 a barrel from December and kept the price to the US unchanged.

It is worth noting that in the first nine months (9M) of 2022, listed Aramco registered net profits after Zakat and tax worth SAR 488.78 billion, a hike of 67.97% from SAR 291 billion in 9M-21.