Brent crude oil prices have been on a downward trend since an attack by Hamas on Israel on October 7. In response to the persistent weakness in the oil market, Saudi Arabia has announced a reduction in the key crude prices for buyers across all regions, including its main market in Asia. The February price of Saudi Arabia's flagship Arab Light crude to Asian customers has been cut to the lowest level in 27 months, according to a company statement. This move comes amid competition from rival suppliers and concerns about an oversupply. Oil prices have dropped over 1% due to these price cuts and an increase in OPEC output, despite escalating geopolitical tensions in the Middle East. Saudi Aramco's decision to reduce prices was deeper than expected, with the premium now at its lowest since November 2021. The price cuts by Saudi Arabia have led to a significant drop in oil prices, with reports indicating a decrease of over 3% and a specific cut of $2 a barrel from February, resulting in oil being down 4.5%. In another report, oil falls about 4% as the Saudi price cuts add to demand doubts.
Oil: Saudi Aramco cut its prices for February The premium it's asking is the lowest since Nov 2021 The price cut was deeper than expected https://t.co/IM1Wh7jc1b https://t.co/n0bsM0SO7y
๐ข๏ธ OIL FALLS OVER 3% AS SAUDI PRICE CUTS ADD TO DEMAND DOUBTS (Reuters) Oil prices fell over 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output that offset supply concerns generated by escalating geopolitical tension in the Middle East. Bothโฆ https://t.co/XcrX4HNM8Z
As Oil Price Tanks What Do Saudi Price Cuts Mean For Crude Markets https://t.co/t3r2xhm7rT
Oil falls about 4% as Saudi price cuts add to demand doubts https://t.co/wakulw8iNy
Oil drops sharply as Saudi price cuts overshadow Middle East tensions https://t.co/yXyguCivrS
BREAKING: Saudi Arabia decides to cut their oil prices by $2 a barrel from February Oil down 4.5% in response
A deep oil price cut by Saudi Arabia just highlighted the softer physical crude market https://t.co/aRnOBFMUXB via @iamsharoncho https://t.co/jaekhCZvP5
Oil Plunges After Saudi Arabia Cuts Oil Prices For February Amid "Persistent Weakness" https://t.co/ibRxaKErKU
Oil slides as Saudi price cuts counter Middle East worries https://t.co/kPoRQxkjUP https://t.co/hSpnTb3Ihn
Oil $USO $UCO futures slumped Monday, under pressure after Saudi Arabia cut crude prices to all regions and as surveys showed higher production by members of the Organization of the Petroleum Exporting Countries. #OOTT State producers Saudi Aramco on Sunday said it would cutโฆ
Oil slides as Saudi price cuts counter Middle East worries - Reuters https://t.co/wjw1oAlWiV
#Oil prices fall by more than 2 percent on sharp price cuts by top exporter #SaudiArabia and a rise in #OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. https://t.co/rgWzDXmlu5
Oil Slides on Saudi Price Cut. Shell Takes an Impairment. https://t.co/S0alUSjVfF
Oil prices drop over 1% amid Saudi Price cuts and increased OPEC output https://t.co/13njM9Rzpl https://t.co/Tpwova1PE6
โ ๏ธJUST IN: *SAUDI ARABIA CUTS CRUDE PRICES TO ALL REGIONS AMID DEMAND CONCERNS ๐ธ๐ฆ๐ธ๐ฆ $CL_F #OOTT https://t.co/4lnn4t4Bq1
A deep oil price cut by Saudi Arabia just highlighted the softer physical crude market https://t.co/QvN54zTxwQ
โ ๏ธ OIL SLIPS AS HIGHER OPEC SUPPLY, SAUDI PRICE CUTS OFFSET MIDEAST WORRIES Full Story โ https://t.co/wz7eCBiMmu
#SaudiArabia cuts the February price of its flagship #ArabLight crude to #Asian customers to the lowest level in 27 months, a company statement shows, amid competition from rival suppliers and concerns about supply overhang. https://t.co/jbKv7H4IaK
Saudi Arabia will cut key crude prices for buyers in all regions, including its main Asia market, amid persistent weakness in the market https://t.co/rqN4JVQXTy
"The price of a barrel of Brent crude oil has been trending downwards since Hamas attacked Israel on October 7." @yardeni https://t.co/Sdm171ytpe