Saudi Press

Saudi Arabia and the world
Tuesday, Jun 24, 2025

Saudi Aramco Drops January's Arab Light Prices for Asia 

Saudi Aramco Drops January's Arab Light Prices for Asia 

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low.  
The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile.  

The largest oil exporter set the official selling price of Arab Light crude to northwest Europe at $0.10 lower than Brent crude in January, $1.80 less than its December price.  

The US selling price remained unchanged from last month at $6.35 above the Argus Sour Crude Index (ASCI) for January.  

OPEC+ decision and market stability 

The Organization of the Petroleum Exporting Countries and allies, including Russia, also known as OPEC+, maintained their previous crude output target during their Sunday virtual meeting.  

OPEC+ kept their oil production targets unchanged before the European Union's ban on Russian crude took effect, and the G7 imposed a maximum price on its prices, starting Monday. 

Oil prices rose on Monday after the OPEC+ decision, and in a positive sign of fuel demand from the largest oil importer in the world, as more Chinese cities relaxed COVID-19 restrictions at the beginning of the week.  

Brent crude futures settled down $2.89, or 3.4 percent, at $82.68 a barrel. West Texas Intermediate crude fell $3.05, or 3.8 percent, to $76.93 a barrel. Both benchmarks had earlier risen more than $2 before reversing direction.  

"The decision ... is not a surprise, given the uncertainty in the market over the impact of the Dec. 5 EU Russia crude oil import ban and the G7 price cap," said Ann-Louise Hittle, vice president of consultancy Wood Mackenzie told Reuters.  

"In addition, the producers' group faces downside risk from the potential for weakening global economic growth and China's zero COVID policy."  

Chinese business and manufacturing sectors, the second largest economy in the world, have been affected this year by the strict COVID-19 restrictions.  

Russian oil embargo 

The European ban prohibiting Russian crude oil imports by sea entered into force as of Monday, with limited exceptions for Hungary, Slovakia, and the Czech Republic.  

The EU and the G7 also agreed on Friday to cap the price of Russian crude oil at $60 a barrel, a policy aimed at Moscow's other customers, and it entered into effect on Monday, too.  

An EU document showed that the price cap would be reviewed every two months, using Russian oil prices provided by the International Energy Agency as a reference.  

Kremlin spokesman Dmitry Peskov told reporters that Russia is preparing a response to the decision of Western countries to impose a price ceiling on its oil.  

Peskov announced that a decision is being taken, and Russia would not recognize "any ceilings," adding that adopting such choices is "a step towards destabilizing the world energy market."  

Meanwhile, Japan implemented a price cap on Russian crude oil under the Foreign Exchange and Foreign Trade Law.  

Bloomberg stated, quoting the Japanese Finance Ministry of Finance, that Russian oil traded above the limit will be effectively banned, excluding crude oil imported from the Sakhalin-2 plant.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
×