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Saudi Arabia Slashes December Oil Prices to Defend Market Share in Asia
Saudi Arabia has announced a sharp reduction in its official selling price (OSP) for crude oil destined for Asia in December, an announcement that follows closely on the heels of the OPEC+ decision to halt output increases in early 2026. Saudi Aramco will sell its flagship “Arab Light” grade to Asian buyers at a premium of $1.00 per barrel above the Oman/Dubai average for shipments in December, down by $1.20 from the November level. Meanwhile, its “Arab Medium” and “Arab Heavy” grades were each cut by US$1.40…