An interesting item from Reuters on Saudi Arabia's state oil giant Saudi Aramco maybe cutting the official selling price (OSP) for its flagship Arab Light crude grade to Asia in February.
"The near-term market outlook is dim. More Russian barrels are expected to flow to Asia, but demand is not picking up," said one respondent to the Reuters poll of analysts.
Reuters adds:
- The price cut comes as Russia diverts its oil from Europe to Asia, after the European Union banned seaborne crude oil imports from Dec. 5, alongside a price cap introduced by the Group of Seven (G7) nations that restricts Russian oil trade using Western financial, shipping and insurance services.
Here is the link to the piece for more.
---
I posted earlier on the economic news improving out of China, let's see if higher oil demand is sooner or later:
