Saudi Arabia Cuts February Crude Prices to Asia

By Will Horner

Saudi Arabia said Thursday that it would cut the price of oil it sells to Asia for a third consecutive month, despite China being expected to relax its Covid-19 lockdown restrictions this year.
Saudi Arabian Oil Co. cut February prices for its benchmark Arab Light crude sold to Asian buyers by $1.45 a barrel, meaning sales there will carry a $1.80 a barrel premium over the Oman and Dubai benchmarks.

The reduction marks the third time in as many months that the company, commonly known as Saudi Aramco, lowered its prices for Asian buyers.
Aramco also lowered prices of its Arab Light crude for customers in Northern and Southern Europe by $1.40 a barrel. Prices for buyers in the U.S. of all varieties were left unchanged.
The changes mean buyers in both Northern and Southern Europe will pay $1.50 a barrel less than the Brent crude benchmark.
U.S. buyers will continue to pay a $6.35 a barrel premium over the ASCI benchmark.
Write to Will Horner at william.horner@wsj.com