SINGAPORE: Saudi Arabia, the world’s biggest oil exporter, is expected to lower its January crude price for Asian buyers for a second month to its lowest level for five years, tracking the decline in spot benchmark prices, sources said on Friday.
The January official selling price for flagship Arab Light crude will likely decline by 30-40 cents a barrel to a premium between 60 cents and 70 cents to the average of Oman/Dubai quotes, five Asia-based refining sources said in a Reuters survey.
That would mark a second monthly decline and the lowest since January 2021, Reuters data showed.
The January OSPs for other crude grades - Arab Extra Light, Arab Medium and Arab Heavy - could fall by 30-50 cents a barrel from December, the sources said.
The forecasts mirrored a downward trend in cash Dubai’s premium to swaps, which have averaged 90 cents per barrel so far this month, down 32 cents from October.