Saudi Arabia’s state-run oil and gas company Saudi Aramco, cut February crude oil selling prices today for Asia and Europe and left them unchanged for the U.S., Reuters reported, citing documents.

“Saudi Arabia lowered February crude oil prices for Asia … The leading oil exporter has priced Arab Light crude for northwest Europe $1.5 below the ICE Brent barrel price for February, down $1.4 a barrel from the January price … Official selling prices (OSP) for the United States have not changed,” the agency wrote.

Arab Light price for Asian buyers was cut by $1.45, so it would be $1.8 a barrel higher than the price of the Oman/Dubai basket. Extra Light was cut by $2.9; Super Light by $2.4; Medium by $1, and Heavy also by $1.

The prices for Light grade oil in North-Western Europe decreased by $1.4, Extra Light – by $1.8, Medium – by $1, and the cost of Heavy oil was also down by $1. For the Mediterranean, the price dynamics coincided with the prices for North-West Europe. Thus, Arab Light for February delivery both for North West Europe and Mediterranean is traded at a discount of $1.5 to ICE Brent. Crude oil prices charts also reacted to this development. 

Saudi Aramco is Saudi Arabia’s national oil and gas company, founded in 1933. The company is represented in three major world energy markets in Asia, Europe, and North America. The staff exceeds 70 thousand people.

Earlier, we reported that the rate of decline in oil prices accelerated by more than two percent.