Saudi Arabia Could Cut the Price of Its Flagship Crude for Asia

Rising global crude stockpiles and weak demand could prompt Saudi Arabia to lower the price of Arab Light, its flagship crude, for Asian customers for January for the first time in seven months, a Reuters survey showed on Friday. Saudi Aramco, the world’s largest crude oil exporter, could lower the price of Arab Light loading in January for Asia by $1 per barrel to around $3 a barrel over the Oman/Dubai average, the benchmark off which Middle Eastern crude exports to Asia are priced, according to the six respondents in the survey. Earlier…