Saudi Aramco says it'll cut its crude oil prices to all regions
- February prices for various grades of Saudi crude, including its flagship Arab light, in Asia would fall $2 a barrel versus the Oman/Dubai regional benchmark from their January levels. The price cut is the biggest in 13 months.
- Prices in northwest Europe and the Mediterranean will be down $1.50 to $2 a barrel versus the ICE Brent crude benchmark versus January prices.
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Oil popped a little higher last week. The price found some support from the attacks on shipping in the Red Sea by Iran-backed Houthi rebels. The attacks have forced a rerouting of crude and increased fears of a broader conflict that could further threaten Middle Eastern oil flows.
The background to the pop is weaker global oil prices and increased production by producers outside the Organization of the Petroleum Exporting Countries.
