Saudi production hike heading for Asia
Riyadh’s plan to boost market share by unleashing a tidal wave of crude onto the Asian market would be a boon for local refiners as the region recovers from Covid-19
The fallout from collapsed Opec+ negotiations escalated on Sunday with the announcement that Saudi Arabia will slash its official Asian selling prices to unprecedented levels. April-loading cargoes sent east from the Kingdom will now be reduced by between $4-6/bl. The ploy showcased Saudi Arabia’s aggressive new strategy following its failure to convince Opec partners—notably Russia—to agree to further crude production limits. “The gauntlet has been thrown down,” says Shin Kim, head of supply and production, analytics, at pricing agency Platts. “[It] signals the start of an oil price war. Massive discounts leave no doubt about Saudi Arabia’s intention to regain market share from higher cost
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