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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Saudi Arabia is preparing a record decline in oil prices for Asia

December, 02 2024
watermark Economic news

Saudi Arabia, a leading oil exporter, is ready in January to cut prices for Asian buyers to record lows over the past few years. 


The official selling price (OSP) of Arab Light crude is expected to decrease by 70-90 cents per barrel compared to December, which will be the lowest value in four years, according to sources among Asian refiners.


The price drop will also affect other grades of oil, such as Arab Extra Light, as well as heavier grades such as Arab Medium and Arab Heavy, due to low refining margins in China.


At the same time, the results of the OPEC+ meeting scheduled for December 5 may significantly affect the volume of supplies in early 2025 and the OSP of Saudi Arabia. Analysts believe that the state oil company Saudi Aramco will announce prices after the end of this meeting. OPEC+ is discussing the possibility of postponing an increase in oil production, but representatives of Saudi Aramco, as a rule, do not comment on the kingdom's monthly OSP.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.