Saudi Arabia Slashes December Oil Prices to Defend Market Share in Asia
Saudi Arabia has announced a sharp reduction in its official selling price (OSP) for crude oil destined for Asia in December, an announcement that follows closely on the heels of the OPEC+ decision to halt output increases in early 2026. Saudi Aramco will sell its flagship “Arab Light” grade to Asian buyers at a premium of $1.00 per barrel above the Oman/Dubai average for shipments in December, down by $1.20 from the November level. Meanwhile, its Arab Medium and Arab Heavy grades were each cut by $1.40 to premiums of $0.05 and $0.10…