Saudi Arabia Cuts the Price of Its Flagship Crude for Asian Buyers

Saudi Arabia reduced the official selling price of its flagship crude by $0.50 per barrel for Asian buyers in January.
This is the first price reduction in seven months, although it is a smaller reduction than analysts had expected.
The move was in response to intensified international competition after OPEC production cuts pushed Middle Eastern oil prices higher.

Oil prices steady amid OPEC+ cut doubts, Mid-East tension

SINGAPORE, Dec 5 (Reuters) – Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.

Brent crude futures LCOc1 edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 18 cents at $73.22 a barrel.