Saudi Arabia will cut key crude oil prices for buyers in all regions, including its main Asia market, for February amid persistent weakness in the market, Bloomberg reported.

State producer Saudi Aramco reduced its flagship Arab Light price to Asia by $2 to $1.50 a barrel above the benchmark.

Oil consumption typically eases during February and March, with refiners using the period to shut some facilities for periodic maintenance.

At the same time, strong global supply, including from the US, is raising the likelihood of a surplus that forced the OPEC+ group, led by Saudi Arabia and Russia, to extend output cuts into this year.

Global crude oil prices declined in 2023 for the first time since 2020, Bloomberg added.