Saudi Arabia cut the price of crude for Asia in February to the lowest in more than a year

Earlier this week:

• Saudi Arabia may cut Arab Light crude prices to Asia - slow demand, more Russian supply

And indeed they have. Info via Reuters:

• Saudi Aramco, the state oil giant, cut the official selling price (OSPs) of its flagship crude grade, Arab Light, to Asia for February by $1.45 per barrel, setting the price at $1.80 a barrel above the Dubai/Oman benchmark.
• The premium to the Dubai/Oman average is the lowest since November 2021, but it was generally in line with expectations.
• the price cuts follow a cut for the January loadings to a 10-month-low
• Aramco also lowered the prices of its crude loading in February to northwest Europe and the Mediterranean region, while prices for the U.S. remained unchanged

Analysts cite growing concerns about current demand in China and globally.