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
Also in this section
4 February 2025
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors
4 February 2025
The threat of Trump tariffs and the departure of Trudeau have sharpened the domestic political focus on boosting the oil and gas industry
3 February 2025
Alaska has been engulfed by a lack of consistent policymaking and highlights the challenges financing energy projects in the US
31 January 2025
Several projects are expected to boost production this year as strategically important region looks to environmental rules, fiscal policies, oil prices and demand trends longer term
