Saudi Arabia Slashes Crude Prices to Lowest Since 2021 as Demand Concerns Mount
• Saudi Arabia made a substantial cut to the official selling price for its Arab Light crude, reducing it to the lowest level since November 2021 • The pricing cut follows signs of weaker demand in Asia and increased global oil supplies • Traders are concerned about slowing economic growth in 2024 limiting future oil demand • European refineries may increase purchases of Saudi oil due to attractive pricing • Lower Saudi pricing led to a drop in crude futures, with Brent declining 3.4% to $76.10 per barrel