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SINGAPORE: Top oil exporter Saudi Arabia has cut prices of its March Arab Medium and Heavy crudes to Asia unexpectedly, the state oil firm said late on Sunday.
The March official selling prices (OSP) for Arab Medium crude has been set at the Oman/Dubai average plus 25 cents, down 50 cents from the previous month, while Arab Heavy was set at minus 85 cents, down 40 cents from February.
The kingdom's flagship Arab Light price to Asia was lowered by 50 cents to a premium of $3.10 to Oman/Dubai.
The Arab Light OSP to the United States was cut 30 cents at the ASCI minus 5 cents, while that to Northwest Europe was raised 90 cents to ICE Bwave minus 85 cents a barrel.
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