Posted 1/7/2024, 10:39:18 AM
Saudi Arabia Slashes Oil Prices to Asia Amid Oversupply Concerns, OPEC+ Cuts
- Saudi Arabia cutting oil prices to Asia and other regions in February due to weak oil market
- Oil demand typically lower in Feb/March as refiners do maintenance, reducing need for crude
- Strong global oil supply, including from US, likely to lead to surplus
- OPEC+ extended output cuts into 2023 to prevent oil storage buildup and support prices
- Saudi Arabia taking bulk of OPEC+ cuts, with voluntary 2 million barrels/day reduction through Q1 and maybe longer