Saudi Arabia cuts production while cutting prices? What is this operation... One tries to prevent a sharp drop in oil prices by slashing production, and the other tries to prevent a loss of market share by slashing prices

Burst! Saudi Arabia cuts oil prices sharply! Crude oil fell nearly 4%!

The official sales price of crude oil supplied by Saudi Aramco in February was significantly lowered, among which the official sales price of Arab light crude oil supplied to Asia was $2 per barrel lower than the official price in January, and $1.50 per barrel higher than the average price of Oman/Dubai crude oil, which was the lowest spread level since November 2021. It was also the biggest cut in 13 months.

Oil prices fell sharply after Saudi Arabia slashed the official price of crude oil, raising concerns about weak demand.

Yesterday, international oil prices ushered in a big dive, down nearly 4%, WTI crude oil is approaching the $70 mark!

The main reason for the sharp drop in oil prices, on the one hand, is the price adjustment of Saudi Arabia; In addition, there has been a surprisingly sharp increase in oil supply from producers outside OPEC+; Data from the U.S. Energy Information Administration (EIA) showed that U.S. gasoline inventories and distillate inventories rose by more than 10 million barrels last week, well above market expectations, all of which added to investor concerns about a crude supply glut.

In general, although OPEC+ has launched a voluntary production cut, market demand is still weak, coupled with the expected increase in crude oil production in December, the United States refined product inventories and other factors, oil prices are under pressure. At present, geopolitical risks may be an important factor affecting oil prices in the near future, and the current tension in the Red Sea has not been lifted, and the follow-up trend is worthy of our continued attention.

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