Offshore

Oil drops as Saudi pricing cuts counter Middle East supply risks

Oil dropped after Saudi Arabia cut official selling prices for all regions, underscoring a worsening global outlook and outweighing concern over Red Sea tensions and supply disruptions in Libya.
Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia. | Photo: Amr Nabil/AP/Ritzau Scanpix
Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia. | Photo: Amr Nabil/AP/Ritzau Scanpix
By Yongchang Chin and Alex Longley, Bloomberg

Global benchmark Brent fell below USD 78 a barrel, after rising 2.2% last week. State producer Saudi Aramco lowered its flagship Arab Light price to Asia by a more-than-expected USD 2 a barrel due to persistent weakness in the global crude market. Its pricing is the lowest since November 2021. 

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