On Thursday, February 5th, Saudi Aramco announced in a statement that Saudi Arabia has set the official selling price (OSP) for Arab light crude oil sold to Asia in March at the same level as the average price in Oman/Dubai, and has lowered it from the previous month. The official selling price for January is 0.30 US dollars per barrel of premium.

Saudi Aramco has lowered the official selling price (OSP) of Arab light crude oil sold to Asia in March, from a premium of $0.30 per barrel in January to the same level as the average price in Oman/Dubai. This adjustment reflects signals of increased crude oil supply or weak demand in the Asian market, which may lead to a downward pressure on spot prices. Specifically, the downward adjustment of OSP directly lowers benchmark pricing, which may suppress spot trading prices in the short term and have a significant negative impact but not a major event.

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