Saudi Aramco has reduced the official selling price (OSP) of its Arab Light crude for January 2025 deliveries to Asian buyers. The price was lowered by $0.80, now set at $0.90 per barrel above the regional benchmark.
Other grades also saw cuts: Arab Extra Light and Super Light were reduced by $0.60 and $0.70 per barrel, respectively, while Arab Medium and Heavy grades saw cuts of $0.70 per barrel.
For North America, the January OSP for Arab Light crude was set at $3.80 per barrel above the Argus Sour Crude Index.
Aramco’s five crude grades—Super Light, Extra Light, Light, Medium, and Heavy—are categorized by density, with Super Light being the lightest and Arab Heavy the densest.
The oil market remains pressured by weak demand and concerns about oversupply. Brent crude is down over 2% this week, while WTI has dropped 1%. Analysts attribute this to global demand concerns, OPEC+ delaying production increases until April 2025, and forecasts of rising oil surpluses.
Brent prices have hovered between $70-$75 per barrel amid sluggish Chinese demand and ongoing geopolitical risks in the Middle East.