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Saudi Arabia has lowered oil prices for its key Asian market as OPEC+ starts to ease production cuts. State-owned Saudi Aramco (TADAWUL:2222) will reduce the Arab Light crude price by 40 cents per barrel for April, a sharper cut than the expected 15 cents, marking the first price drop in three months.
The price adjustment follows a major hike in March. OPEC+, led by Saudi Arabia and Russia, has agreed to gradually increase oil production, responding to market dynamics and U.S. pressure for lower prices. However, oil prices have recently declined, with Brent crude dipping below $70 per barrel, as fears of oversupply and trade tensions weigh on global demand.
Aramco has also cut oil prices for Northwest Europe and the Mediterranean, while keeping prices unchanged for the U.S. The April Arab Light premium is now $3.50 per barrel, down from $3.90 in March.
Despite concerns over weak refining margins, Aramco CFO Ziad Al-Murshed remains optimistic about market conditions. CEO Amin Nasser expects global oil demand to reach a record high this year.
The latest price reduction comes amid ongoing uncertainty in energy markets. As OPEC+ production increases, investors are closely watching supply-demand dynamics and geopolitical developments that could impact oil prices.
