As the OPEC+ meeting in the first days of February only confirmed the oil group is intent on maintaining its strategy and will avoid sudden and drastic moves, Saudi Arabia was facing a peculiar dilemma with its March 2023 official formula prices. In the weeks before OSPs get usually released, there has been an incessant stream of surveys, opinion pieces and news claiming Saudi Aramco should cut prices into Asia.
The oddity of the situation was that there wasn’t really any indication as to why formula prices ought to be cut. The cash-to-futures…Middle East Producers Cannot Afford To Significantly Hike Oil Prices
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