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Saudi Arabia Slashes Oil Prices for Asia — Biggest Cut in Two Years
Crude hits three-year lows amid OPEC+ output boost and global trade tensions.
Saudi Arabia, the world’s largest oil exporter, has made its steepest cut in official selling prices (OSP) for Asian buyers in two years. According to Reuters, state-run Saudi Aramco reduced the price of Arab Light crude by $2.30 per barrel — now priced at just $1.20 above the average of Oman and Dubai benchmarks.
This marks the second consecutive price reduction and the most significant since 2022. Similar cuts of $2.30 per barrel were applied to other grades sold to Asia.
The move follows an unexpected decision by the OPEC+ alliance to accelerate production increases. Eight member states will raise their daily output in May by 411,000 barrels — nearly triple earlier projections. This accounts for roughly 0.4% of global supply and adds pressure on oil prices.
Amid escalating trade wars and oversupply fears, oil prices fell nearly 11% over the past week, hitting three-year lows. On Monday morning, Brent and WTI slid another 2.5–2.7%, according to Investing.com.
The price drop is particularly notable for key Asian buyers such as China and India — top consumers of Middle Eastern oil. Analysts warn prices could fall further if geopolitical tensions and production surpluses persist.
Saudi Arabia’s pricing strategy is also seen as a preemptive response to intensifying competition with discounted Russian oil, which remains under sanctions.
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