Saudi Arabia may cut Jan Arab Light price for Asia to 10-month low

Top oil exporter Saudi Arabia may cut crude prices for Asia in January following a bearish trading cycle in the Middle East spot market, on concerns over sluggish demand in China and an increase of Russian crude in Asia after Dec. 5, Reuters reported.
The official selling price (OSP) for flagship Arab Light crude may be trimmed by about $2 a barrel from the previous month, tracking a similar loss in the Dubai benchmark, according to seven respondents surveyed by Reuters.
The cut would push the January 2023 price to a 10-month low, just above March level of $2.80 a barrel above the Oman/Dubai average.
“The lower demand in China as a result of the widening COVID-19 curbs, and the prospect of increasing Russian oil flowing into Asia soured market sentiment,” said one respondent.