Saudi Arabia to Reduce Oil Prices, Reports Say

Saudi Arabia will reduce oil prices for buyers across all regions, including key Asian markets in Riyadh, according to Bloomberg reports.

Saudi Aramco is expected to lower the price of Arab Light crude by $1.50 to $2 per barrel. The oil giant has also set discounts for February shipments to Northwest Europe, the Mediterranean, and North America.

Global oil prices have decreased in 2023 for the first time since 2020. The market has so far overlooked concerns regarding the war between Israel and Hamas. Additionally, strikes by Houthis in the Red Sea have yet to lead to supply disruptions or consumer market concerns.