The ‘Energy Chancellor’ crude oil tanker rides anchor while waiting to enter the Suez Canal in Suez, Egypt. Picture: BLOOMBERG/ISLAM SAFWAT
State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.“The OSPs to Asia are bearish, signalling softer demand and potentially higher supply,” Energy Aspects analyst Virendra Chauhan said.
“Given that Opec+ is continuing its plan to raise production monthly, despite weak data from China and the US raising slowdown fears, and Saudi Arabia looking for market share in the region, oil is likely to remain under pressure,” said Jeffrey Halley, a senior market analyst for Asia Pacific at brokerage Oanda.
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