On Tuesday, Saudi Arabia reduced the official selling price of its flagship Arab Light for Asian buyers in January. This is the first price reduction for the last seven months, Reuters noted in a report, but it is a modest one, at $0.50 per barrel. This is half what analysts expected as a price reduction, the report also said. "Saudi set the price too high. That could prompt some buyers to nominate less cargoes and turn to buy cheaper crude from other suppliers from the spot market," a refinery executive from Asia told Reuters. An analyst…
