Saudi Arabia will cut oil prices for buyers in all regions, reports UNN citing Bloomberg.
The price decline will also affect the key Asian region for Saudi Arabia.
Saudi Aramco will reduce the cost of Arab Light fuel by one and a half to two dollars per barrel. The oil giant has already discounted February deliveries to Northwest Europe, the Mediterranean and North America.
"Oil consumption typically declines in February and March. Refiners use this period to shut down some facilities for maintenance," the report said.
Let's add
World oil prices have fallen for the first time since 2020. According to experts, the situation in the Middle East has not yet had a strong impact on the markets.