Saudi Arabia's significant cutbacks to crude contract prices for Asia, raising concerns about the demand picture, offset gains on production disruptions following Hurricane Ida on Monday. By 10:52 a.m. EDT, Brent crude futures had dropped 16 cents to $72.45 a barrel (1452 GMT). The price of West Texas Intermediate crude in the United States declined 12 cents to $69.17 per barrel.
Saudi Aramco, the country's state-owned oil company, said in a statement on Sunday that it will reduce official selling prices (OSPs) for all crude grades sold to Asia, its largest buying region, by at least $1 per barrel in October. Between August and December, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, increased output by 400,000 barrels per day (BPD).
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