Saudi Arabia may cut heavy crude prices in February

3 Jan 2019 11:47 AM

Saudi Arabia, OPEC's largest oil producer, is expected to cut the heavy crude oil prices sold in Asia on the back of weak fuel oil margins, according to the latest opinion poll conducted by Reuters on Thursday.

Official selling prices for medium and heavy Arab crude are expected to fall by up to 50 cents a barrel in February compared to the previous month.

15% drop in the price of crude oil futures in the first and third months could prompt Saudi Arabia to cut official selling prices.

While two of the poll respondents expect prices to fall in February for Arab light crude by 20-30 cents to keep Saudi Arabia's ability to compete against high oil supplies in the United States.

Tags:

Prices may be delayed by 5 seconds. Prices above are subject to our website terms and conditions. Prices are indicative only