Saudi Arabia is due to cut the price of its Arab Light Crude brand in March for a second consecutive month, according to news agency, Reuters.
The official selling price for Arab Light could fall by 30 – 60 cents from February’s price, a seven month low.
A fall in the official selling price of Arabian Light Crude will ease pressure on Asian refiners, allowing margins to rise.
Arab Extra Light Crude could fall by as much as 90 cents per barrel, despite a dip in supply caused by field maintenance.
Crude demand in the second quarter of 2014 will be curbed by maintenance to a number of refineries.
Fuel oil’s discount to Dubai narrowed to an average of about $10 a barrel compared with an average of $12.44 in December, data provided by Reuters shows. Saudi Crude’s Official Selling Prices are usually released around the fifth of each month and set the trend for regional prices.
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