Saudi Arabia Cuts Asia Oil Price Third Month Amid Glut Fears

• Saudi Arabia's Saudi Aramco cut its Arab Light crude price for Asian customers for February, marking the third consecutive monthly reduction.
• The price was lowered to a 30-cent premium over the regional benchmark, driven by persistent market oversupply.
• Global crude benchmarks, including Brent, fell by about 20% last year due to concerns over a worldwide glut from OPEC+ supply hikes and rising output.
• The International Energy Agency forecasts a significant glut of 3.8 million barrels a day for the current year.
• Geopolitical risks (Ukraine-Russia, US sanctions on Russia/Iran) and a weak demand outlook from China further dampen market sentiment.

Why It Matters: Saudi Arabia cuts oil prices to Asia for third month due to global oversupply and weak demand outlook.