Saudi Arabia may slash January crude prices for Asia

Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday. The January official selling price (OSP) for flagship Arab Light may fall by 70 to 90 cents a barrel from December to at least a four-year low, six sources at Asian refineries said in a Reuters survey. The price cuts come after the gap between front and third-month Dubai prices narrowed in backwardation by 86 cents in November from the month before, Reuters data showed, despite TotalEnergies snapping up as much as 15.5 million barrels of crude on the S&P Global Platts window.Read More