The January 6th data from Golden Ten News, Saudi Arabia raised the oil prices for Asian buyers in February. This sign indicates that, after OPEC+ recently postponed its production increase plan, the world’s largest crude oil exporter may see supply tension in its largest market. Saudi Arabia has raised the official selling price of its Arab light crude sold to Asia in February to a forwardation of $1.5 per barrel compared to the average Oman/Dubai price, a rise of 60 cents from January, while the survey predicted 10 cents. Due to the possibility of increased excess crude oil due to low demand, the London Benchmark crude oil price fell by about 3% last year and is currently still locked in the range of around $75 per barrel.
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