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Story summary
- Saudi Aramco set the Asia price for Arab Light at a 30-cent premium to the February regional benchmark, marking the third straight monthly cut.
- The move coincides with OPEC's plans to pause supply increases in the first quarter.
- Global crude prices fell about 20% last year, Brent's steepest annual drop since 2020.
- The International Energy Agency expects a 3.8 million barrels per day surplus this year, amid geopolitical tensions.
