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Informist, Monday, Mar. 10, 2025

MUMBAI – Saudi Aramco lowered its crude oil prices for Asian buyers in April, the first reduction in three months, various media reports said, quoting an official statement by the oil company. The price cut is in line with market expectations and follows the decision of the Organization of the Petroleum Exporting Countries and its allies to raise production from April.

The oil company lowered the official selling price of the benchmark Arab Light crude for April by 40 cents to $3.50 per barrel above the average price of Oman and Dubai crude. "The reduction comes amid growing concern over the market balance with OPEC+ supply set to increase at a moment of increasing uncertainty over demand," analysts at ING Economics said in a report.

The official selling price of Arab Light hit a 12-month high last month, reaching $3.90 above the Oman and Dubai average prices, various media reported. The company also reduced prices for April for other grades it sells to Asia.

OPEC and its allies have decided to proceed with gradual unwinding of voluntary production cuts from Apr. 1. This gradual increase in production may be paused or reversed, subject to market conditions, the cartel said.  End

US$1 = INR 87.27

Reported by Ashutosh Pati

Edited by Avishek Dutta

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