29 Nov, 23

Saudi Arabia Expected to Cut the Price of Its Oil to Asia

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Saudi Arabia is expected to reduce its official selling price for crude for Asian buyers, a survey among analysts conducted by Bloomberg has shown. According to the survey sample, including a total of six refiners and traders, the move would be prompted by intensified competition for the Asian market and cheaper crude from the United States and Europe, as well as Guyana. The influx of non-Middle Eastern oil comes as Brent crude, the global benchmark, is at near parity with the Dubai benchmark, according to PVM Oil Associates. The development, which…

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