Saudis expected to cut oil price amid growing competition

Saudi Aramco will reduce the official selling price of Arab Light by US$1.05 a barrel for January from the previous month. — Bloomberg

RIYADH: Saudi Aramco is forecast to cut the price of its flagship oil grade to Asia for the first time since June as an influx of cheaper US and European barrels drives up competition in the world’s biggest importing region.

The state-owned Saudi Arabian producer will reduce the official selling price of Arab Light by US$1.05 a barrel for January from the previous month, according to the median estimate in a Bloomberg survey of six refiners and traders.